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IIT-BBS Aims to Foster 100 Startups with an Incubation Fund of Rs 100 Cr Each by 2036

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IIT-BBS Aims to Foster 100 Startups with Rs 100 Crore Valuation Each by 2036

The Indian Institute of Technology Bhubaneswar (IIT-BBS) is gearing up for an extensive startup initiative. Their goal is to nurture 100 startups, aiming for each to achieve a valuation of at least Rs 100 crore by the year 2036. This ambitious project is set to make waves across various industries, positioning Bhubaneswar as a pivotal center of research and innovation.

During a press meet, IIT-BBS Director, Shreepad Karmalkar, announced that this initiative would officially begin on February 11, under the auspices of Union Education Minister Dharmendra Pradhan. This move seeks to boost the entrepreneurial spirit and significantly enhance the startup ecosystem in India.

The initiative plans to dramatically expand the institute’s research and entrepreneurship park from 20,000 sq ft to 80,000 sq ft within the next two years, thanks to a generous Rs 130 crore funding from the Ministry of Education. According to Karmalkar, IIT Bhubaneswar stands out with its expertise in varied domains like artificial intelligence, climate science, smart infrastructure, and more, making it a leader in fostering innovation.

Emphasizing the strategic importance of this project, Karmalkar linked it with Prime Minister Narendra Modi’s vision for Startup India and Atmanirbhar Bharat, focusing on the eastern part of India with IIT Bhubaneswar acting as a central hub.

With 20 startups already incubated and 23 more in the pre-incubation phase, spanning diverse sectors from electric vehicles to artificial intelligence, IIT-BBS is well on its way to revolutionizing the startup ecosystem. This initiative not only aims to provide crucial resources and mentorship but also opens doors to seed capital and potential investors, marking a significant milestone for aspiring entrepreneurs from Odisha and beyond.

Alex Sterling
Alex Sterlinghttps://www.businessorbital.com/
Alex Sterling is a seasoned journalist with over a decade of experience covering the dynamic world of business and finance. With a keen eye for detail and a passion for uncovering the stories behind the headlines, Alex has become a respected voice in the industry. Before joining our business blog, Alex reported for major financial news outlets, where they developed a reputation for insightful analysis and compelling storytelling. Alex's work is driven by a commitment to provide readers with the information they need to make informed decisions. Whether it's breaking down complex economic trends or highlighting emerging business opportunities, Alex's writing is accessible, informative, and always engaging.

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