IIT Bhubaneswar Launches Ambitious 100-CUBE Start-Up Initiative for Odisha’s Centennial Celebration

Bhubaneswar:  In a bold move towards fostering innovation and entrepreneurship, IIT Bhubaneswar is all set to unveil its groundbreaking 100-CUBE Start-Up initiative on February 11, 2024. The program, aimed at creating 100 startups, each with a valuation of Rs. 100 crores by Odisha’s 100th Anniversary in 2036, is poised to be a game-changer in the startup ecosystem.

The Research and Entrepreneurship Park at IIT Bhubaneswar, fueled by a generous grant of Rs. 130 crores from the Ministry of Education, is gearing up to expand its facilities from the current 20,000 square feet to an impressive 80,000 square feet over the next two years. The initiative will provide essential resources, mentorship, seed capital, and access to potential investors to the budding entrepreneurs.

Prof. Shreepad Karmalkar, Director of IIT Bhubaneswar, expressed his enthusiasm for the initiative, citing the inspiration drawn from the Union Minister for Education, Skill Development & Entrepreneurship, Shri Pradhan, and aligning with Prime Minister Narendra Modi’s vision for Start-up India and Atmanirbhar Bharat.

Highlighting the evolution of IITs over the years, Prof. Karmalkar emphasized that the IITs have shifted from being institutions solely focused on research papers and human resource development to actively contributing to wealth generation through entrepreneurship and startup incubation, in line with the National Education Policy (NEP) 2020.

The Integrated Teacher Education Program initiated at IIT Bhubaneswar in 2023 further reflects the institute’s commitment to address diverse societal needs by cultivating exceptional teachers for school education.

The 100-CUBE Start-Up initiative aligns with India’s trajectory, as the next 25 years are expected to be driven by startups, following the country’s focus on Agriculture, Infrastructure, and the service sector in the preceding decades. India’s remarkable improvement in global innovation ranking, from 76 in 2014 to 40 in 2023, sets a promising stage for further progress through initiatives like 100-CUBE.

The launch event on February 11 will feature technical workshops for faculty and startups, led by Faculty Heads of Research Parks of IITs, industrialists, and venture capitalists. The afternoon session will witness the signing of MoUs with nearly 20 industries, 30 startups, and 30 venture capitalists to forge strategic collaborations in realizing the 100-CUBE objective. Additionally, the Hon’ble Minister will inaugurate a 1500-seat auditorium and lay the e-foundation for infrastructure projects worth Rs. 450 crore.

The 100-CUBE Start-Up Initiative signifies a significant leap in IIT Bhubaneswar’s mission to position Odisha as a thriving hub of entrepreneurship and contribute to fostering a vibrant startup culture in the country.