Empowering Innovation: IIT Bhubaneswar Unveils ₹100 Crore Startup Initiative (100-CUBE)

Exciting news emerges from the Indian Institute of Technology (IIT) Bhubaneswar as it gears up to launch its groundbreaking 100-CUBE Startup initiative on February 11. This transformative endeavor aims to foster entrepreneurship and propel Odisha into the spotlight of innovation by creating 100 startups, each with a valuation of Rs 100 crore, by the state's 100th anniversary in 2036.

Key Highlights of the Initiative:

• Objective: The primary goal of the 100-CUBE Startup initiative is to nurture and cultivate 100 startups with significant valuations, thereby contributing to the economic and technological advancement of Odisha.

• Support and Resources: Institute Director Shreepad Karmalkar underscores the pivotal role of the research and entrepreneurship park in providing essential resources, mentorship, seed capital, and access to potential investors to facilitate the growth of these startups.

• Expansion Plans: With generous backing from the Ministry of Education, the park is set to undergo a substantial expansion, increasing its footprint from 20,000 square feet to approximately 80,000 square feet over the next two years.

• Alignment with National Education Policy (NEP) 2020: The initiative resonates with the ethos of the NEP 2020, which emphasizes the promotion of entrepreneurship and the establishment of supportive ecosystems for startup incubation.

• Vision for the Future: Karmalkar envisions the next 25 years as being driven by startups, building upon India's commendable progress in the global innovation landscape, reflected in its improved rank from 76 in 2014 to 40 in 2023.

• Inclusive Approach: The initiative is committed to fostering startups across gender, sector, and geography, leveraging a comprehensive mind-to-market strategy to bolster India's innovation ecosystem.

• Upcoming Event: The launch event on February 11 will feature parallel technical workshops for faculty and startups, led by eminent figures from research parks of IITs, industrialists, and venture capitalists.

• Strategic Collaborations: The institute aims to solidify partnerships through the signing of MoUs with nearly 20 industries, 30 startups, and 30 venture capitalists, laying the groundwork for strategic collaborations in pursuit of the 100-CUBE objective.

• Distinguished Presence: Union Minister Dharmendra Pradhan will grace the occasion, officially inaugurating the 1500-seat auditorium and laying the e-foundation for infrastructure projects valued at Rs 450 crore.