The Indian Institute of Technology (IIT) Bhubaneswar is set to introduce its groundbreaking 100-CUBE Startup initiative on February 11 at its research and entrepreneurship park. This initiative aims to establish 100 startups, each valued at Rs 100 crore, by the 100th anniversary of Odisha's formation in 2036.
Institute director Shreepad Karmalkar on Monday said that the park will offer vital resources, guidance, initial capital, and connections to investors. With substantial backing from the Ministry of Education, the park is slated to expand from 20,000 square feet to approximately 80,000 square feet within the next two years.
He noted that this endeavour aligns closely with the objectives outlined in the National Education Policy (NEP) 2020, which prioritises fostering entrepreneurship and facilitating startup development.
Mr Karmalkar also pointed out that the future trajectory, particularly the next 25 years, will be significantly influenced by startups, building on India's notable ascent in the global innovation rankings from 76th place in 2014 to 40th in 2023.
The objective of the 100-CUBE Startup initiative is to enhance this ranking further by fostering startups from various demographics, sectors, and geographical areas, employing a holistic "from idea to market" strategy.
Set for February 11, the event will include concurrent technical workshops for faculty and startups, led by research park heads from various IITs, industrial leaders, and venture capitalists. Following this, nearly 20 industries, 30 startups, and 30 venture capitalists are expected to sign Memorandums of Understanding (MoUs) to forge strategic partnerships aimed at achieving the 100-CUBE objective.
Union Minister Dharmendra Pradhan will officially inaugurate the 1,500-seat auditorium hosting the event and initiate the e-foundation for infrastructure projects worth Rs 450 crore, according to officials.
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