IIM Sambalpur receives USD 2 million boost for startup incubation



SAMBALPUR: Indian Institute of Management (IIM) Sambalpur in Odisha has received $2 million in funding from ESKEYN Ventures & Indus Capital, a USA-based firm, to promote startups and entrepreneurship. The announcement was made at the institute’s ninth Foundation Day celebration on September 23, 2023, Saturday.
Sushant Kumar, the founder and principal of ESKEYN Ventures, announced the event. He expressed his commitment to fostering the entrepreneurial spirit at IIM Sambalpur by establishing a 2 million USD fund for the Incubation Centre.
In a move to further enhance the entrepreneurial ecosystem, IIM Sambalpur also signed a Memorandum of Understanding (MoU) with India Accelerator. This collaboration is expected to strengthen the entrepreneurial capabilities of the incubates at IIM Sambalpur.
Sushant Kumar, representing ESKEYN Ventures & Indus Capital in the USA, highlighted the crucial role of confidence in early investors. Drawing parallels with Ram Shriram, the initial backer of Google, Kumar emphasised the importance of unwavering support during a company’s less profitable phases. He revealed a substantial investment of USD 2 million for the incubation centre at IIM Sambalpur and praised the dynamic leadership of Professor Jaiswal and his team, assuring that the project would commence soon.
Union Education Minister Dharmendra Pradhan, in a video message, extended his congratulations to IIM Sambalpur on its 9th Foundation Day. He commended the institute for its strategic partnerships with entities such as India Accelerator, SIDBI, and Flipkart, emphasising their role in supporting local weavers and craftsmen while fostering entrepreneurship.
Minister Dharmendra Pradhan encouraged students to embrace innovation, inclusivity, and integrity – the three core pillars of IIM Sambalpur. He highlighted that the institute had equipped them with the knowledge and skills necessary for professional success and urged them to remember their greater purpose, strive for excellence, contribute to society, and uphold values that would propel India toward becoming a developed nation by 2047.
The keynote speaker, Hiranmaya Mahanta, CEO of i-HUB Gujarat, shared an inspiring story of Stanford University’s innovative journey. He pointed out that Stanford’s strategy for fostering innovation made it a global force, starting with a modest USD 50,000 grant from the US State Department’s innovation fund in 1939. Mahanta believed that IIM Sambalpur, under Dr. Jaiswal’s leadership had a similar opportunity to lead in entrepreneurship and innovation, shaping the future.
Mahanta encouraged students to embrace an innovative mindset, take calculated risks, and not shy away from asking questions.
Professor Mahadeo Jaiswal, Director of IIM Sambalpur, delivered the welcome address. He reflected on the institute’s growth since its establishment on September 23, 2015, and its commitment to nurturing responsible leaders with an entrepreneurial mindset, grounded in the values of innovation, inclusiveness, and integrity.
With inputs from PTI.





Source link

Subscribe

Related Articles