Home News Updates IIM Sambalpur on its 9th Foundation Day gets $2 million funding from ESKYEN Ventures for Incubation Center

IIM Sambalpur on its 9th Foundation Day gets $2 million funding from ESKYEN Ventures for Incubation Center

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As part of IIM Sambalpur’s 9th Foundation Day celebrations, Sushant Kumar Founder & Principal of Ventures & Indus Capital, USA, committed fund of 2 million USD to Incubation Centre of IIM Sambalpur to promote start-ups and entrepreneurship on Sep 24. A MoU was also signed between IIM Sambalpur & India Accelerator to build entrepreneurial capacity of IIM Sambalpu during the day themed on “Accelerating Startup’s Ecosystems”.
The program was address by Dharmendra Pradhan, Minister of Education, Skill Development & Entrepreneurship as the Chief Guest. Education minister praised the alliances and partnerships that IIM Sambalpur has formed with businesses like India Accelerator, SIDBI, and Flipkart, highlighting their importance in fostering entrepreneurs and assisting the livelihoods of local weavers and craftsmen. In his inspirational speech, he urged the students to use innovation, inclusivity, and integrity – the three pillars of IIM Sambalpur – as their compass points in all their activities. He acknowledged that IIM Sambalpur had given them the knowledge and abilities necessary for professional success and urged them to constantly remember their greater purpose, strive for excellence, give back to society, and uphold the values that will cause India to become a developed country by 2047.

The Guest of Honour, Sushant Kumar of ESKEYN Ventures & Indus Capital underscored the vital role of confidence in early investors like Ram Shriram, who was the first investor in Google and supported Larry Page and Sergey Brin, even during the company’s unprofitable years. He shed light on the enormous obstacles that companies must overcome by empathizing with the primary worries that frequently plague them, such as fundraising, loan repayments, and job stability. Additionally, Mr. Kumar revealed major funding for an incubation center at IIM Sambalpur totaling $2 million. He commended the dynamic leadership of Professor Jaiswal and his team, assuring that the project’s implementation would commence shortly.
The Keynote Speaker, Hiranmaya Mahanta, CEO, i-HUB Gujarat shared a story of Stanford University’s innovative spirit. Stanford got $50,000 from the U.S. State Department’s innovation fund when it was established in 1939, but their strategy for fostering innovation made them a force to be reckoned with. In a similar vein, he believed that IIM Sambalpur might take the lead in promoting entrepreneurship and innovation thanks to Dr. Jaiswal’s inspirational leadership. The institute, like Stanford University, has a fantastic opportunity to influence the future.
Additionally, he encouraged students to adopt an innovative mindset, take prudent chances, and not be afraid to ask questions.
In the welcome address, Prof. Mahadeo Jaiswal, Director, of IIM Sambalpur said that IIM Sambalpur has carved a niche among the top IIMs. The vision of IIM Sambalpur is to nurture responsible leaders with an entrepreneurial mindset and core values centered around innovation, inclusiveness, and integrity. The director further informed about the three unique projects namely BunkarValleys.com to promote master weavers and artisans, MineralValleys.com to study the value that mines and minerals are creating for the people of Odisha and DigitalValue.com to promote digital leadership in the country and upcoming MoUs.”

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