IIT Bhubaneswar’s Research and Entrepreneurship Park is set to launch its transformative 100-CUBE Start-Up initiative on February 11.

This programme aims to create 100 startups, each with a valuation of Rs 100 crore by the 100th anniversary of Odisha in 2036. To achieve this goal, the park will provide essential resources, mentorship, seed capital and access to potential investors. The park is set to expand from its present 20,000 sqft area to about 80,000 sqft over the next two years with the generous support of Rs 130 crore from the Ministry of Education.

Addressing a press conference here on Monday, director, IIT Bhubaneswar, Prof Shreepad Karmalkar said: “IIT Bhubaneswar is one of the second generation IITs, and has expertise in various domains, including minerals and materials, artificial intelligence, climate science, smart infrastructure, renewable energy, semiconductor devices and integrated circuits etc.”

Tracing the paradigm shifts in the role of IITs, Prof Karmalkar said the IITs were initially envisioned as institutions for generating new knowledge in the form of research papers, as well as producing high-quality human resources for industries, defence, research labs, and educational institutions.

“These institutions were later tasked with applying their expertise to address societal problems through sponsored and consultancy projects. In recent years, the IITs have started contributing to wealth generation by fostering entrepreneurs and supporting start-up incubation via the establishment of research and entrepreneurship parks. This is the mandate of NEP 2020 as well,” said the director.

The launch event on February 11 will feature parallel technical workshops for faculty and start-ups conducted by the faculty heads of research parks of IITs, industrialists and venture capitalists.

“This will be followed by the signing of MoUs with nearly 20 industries, 30 startups, and 30 venture capitalists to build strategic collaborations for achieving the 100-CUBE objective.

“During this afternoon event, Union minister for education, skill development & entrepreneurship, Dharmendra Pradhan will officially open the 1,500-seat auditorium hosting the event, and lay the e-foundation for infrastructure projects worth Rs 450 crore,” said the director.

In essence, the 100-Cube Start-up Initiative marks a significant milestone in IIT Bhubaneswar’s journey towards establishing Odisha as a hub of entrepreneurship and nurturing the start-up culture in the country.