IIT-Bhubaneswar's '100 Cube' startup initiative to help establish 100 startups worth Rs 100 Cr

Union minister Dharmendra Pradhan on Sunday launched an initiative of IIT-Bhubaneswar's Research and Entrepreneurship Park, which aims at creating 100 startups with a valuation of Rs 100 crore each by 2036.

The 100-Cube startup initiative was unveiled by Pradhan, Minister for Education, and Skill Development and Entrepreneurship, who added that innovation is "in the DNA of Odia society".

"After seeing the new ideas and innovations of our youths, I am confident that 100 startups will be created by 2036," he said.

To achieve this goal, the park will provide essential resources, mentorship, seed capital and access to potential investors. It is set to expand to about 80,000 square feet from the existing 20,000 square feet over the next two years with support of Rs 130 crore from the Ministry of Education, officials said.

The minister also hailed the startup ecosystem in India, particularly in Odisha, "where 40% of startups are led by women".

"Innovation is in the DNA of Odia society. Our academic institutions, have the potential to provide solutions to global problems. Initiatives like 100CubeOdisha will tap the untapped potential of our youth and engineer solution-driven innovation and start-up revolution," Pradhan posted on X.

The trinity of youth, faculty and industry will drive this initiative, he added.

(With inputs from YourStory)