Home News Updates IIM Sambalpur starts I-Hub Incubator, to set up 100 startups by 2036

IIM Sambalpur starts I-Hub Incubator, to set up 100 startups by 2036

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Established under Section 8 as a registered company, I-Hub Foundation will play a pivotal role in nurturing and supporting innovative ventures across diverse sectors including textiles, arts & culture, agriculture, healthcare, financial & digital inclusivity, tribal entrepreneurship, and sustainability, among others.

I-Hub was inaugurated by the Union Minister of Education and Skill Development & Entrepreneurship, Dharmendra Pradhan during the 100 Cube Start-up Conclave began at IIM Sambalpur on March 1. Spearheaded by the Ministry of Education, GoI, the 100 Cube conclave endeavors to establish 100 startups on its premises, each with an approximate valuation of INR 100 Crores by Odisha’s centennial celebration in 2036.

“Our unique proposition focuses on promoting local art, culture, and intellectual industry in regions rich in mineral and mining resources. We aim to add value to these sectors. Moreover, we are working towards establishing Odisha as a hub for startups and entrepreneurs,” said Prof. Mahadeo Jaiswal, Director, IIM Sambalpur.

Pradhan emphasized the significance of the 100 Cube start-up conclave and said, “Start-ups at the conclave are the wealth creators, jobs creators, and creators of economic opportunities for the bottom of society.” The Union Education Minister envisioned healthcare, textile, agriculture, mines, and minerals as the priority sectors for startups and said, “Education institutions like IIM Sambalpur are natural places for mentorship, given the talent pool of faculty.”

Among those who attended the conclave included Prof Manoj Kumar Tiwari, Director IIM Mumbai; PM Prasad, MD, Coal India Ltd; Amrendu Prakash, CMD, Steel Authority of India Ltd; Sanjiv Bajaj, MD, Bajaj Finserv; Rashmi Ranjan Mohapatra, MD Parry Enterprises; Nagaraja Prakasam, Author & Angel Investor; Jayanti Mahapatra, CEO & Founder Manikstu (GOAT Bank); Nirmit Parikh, Founder Apna; and Avinash Punekar, CEO iCREATE, faculty members and students. The event also witnessed the signing of an MoU for the establishment of the Center of Management Education in Angul, Odisha, by IIM Mumbai and IIM Sambalpur.

A video showcasing the 100 Cubes initiative and the I-Hub Foundation was also screened for the participants. The event also featured an exhibition showcasing 50 startups from Sambalpur, Jharsuguda, Sundargarh, Bargarh, and other districts of Odisha, allowing them to interact with VCs and angel investors.

The conclave also had a Startup Open Mic session which provided a platform for startups and students to voice their expectations from the ecosystem. The session emphasized on the needs of the startups to the institute and other stakeholders to take necessary action. The session was spearheaded by Sanjiv Bajaj, MD, Bajaj Finserv; Rashmi Ranjan Mohapatra, MD Parry Enterprises; Nagaraja Prakasam, Author & Angel Investor; Jayanti Mahapatra, CEO & Founder Manikstu (Goat Bank); Nirmit Parikh, Founder Apna; and Avinash Punekar, CEO iCREATE.

The also featured a Master Session on Branding & Scalability for Startups, and Fireside Chat with Sanjiv Bajaj, MD, Bajaj Finserv. Sulochana, a master weaver, shared her inspiring journey and insights into traditional crafts and entrepreneurship.

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