Shri Dharmendra Pradhan, Union Minister of Education, Skill Development, and Entrepreneurship, Government of India, addressed the recently concluded one-day 100 Cube Startup Conclave commenced at IIM Sambalpur with the inauguration of the I-Hub Foundation, a physical and virtual incubator. Founded as a registered company under Section 8, the I-Hub Foundation will be significant in nurturing and supporting innovative ventures in various sectors, including textiles, arts and culture, agriculture, healthcare, financial and digital inclusivity, tribal entrepreneurship, and sustainability.
The 100 Cube conference, led by the Ministry of Education, GoI, aims to build 100 startups on its premises, each with an estimated valuation of INR 100 crores, by Odisha’s centennial celebration in 2036. The conclave witnessed the august gathering, which consisted of Prof Mahadeo Jaiswal, Director, IIM Sambalpur; 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 included signing an MoU between IIM Mumbai and IIM Sambalpur to establish a Centre of Management Education in Angul, Odisha.
Addressing the audience, Dharmendra Pradhan stressed the importance of the 100 Cube startup conclave, saying, “Startups at the conclave are wealth creators, job creators, and creators of economic opportunities for the bottom of society.” The Union Education Minister highlighted healthcare, textiles, agriculture, mines, and minerals as priority areas for startups, adding, “Education institutions like IIM Sambalpur are natural places for mentorship, given the talent pool of faculty.” He also stated that there is no shortage of resources in the country today; instead, the problem is to connect resources with fresh ideas. Incubation centres such as I-Hub will help with this. Finally, he underlined the importance of monetizing business ideas, goods, and projects.
The conclave began with an insightful Master Session on Branding and Scalability for Startups. Following that, an interesting Fireside Chat with Sanjiv Bajaj, MD of Bajaj Finserv, discussed his experiences and insights into entrepreneurship and business.
Prof. Mahadeo Jaiswal, Director of IIM Sambalpur, expressed immense pride in hosting the 100 Cube Startup Conclave to create 100 startups, each with a turnover of 100 crores, in the next ten years by Odisha’s centennial celebration in 2036 and said, “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.”
Sanjiv Bajaj, MD, Bajaj Finserv, commented on the initiative, “It’s a pleasure to be part of the 100-Cube Conclave, especially considering the ambition. This is an apt opportune time, given India’s status as the fastest-growing economy and its trajectory to become the third-largest economy globally. India is already the third-largest startup nation, with over one lakh eleven thousand startups registered with DPIIT, and there are 111 unicorns.” He said, “The key is having an idea, identifying the market, building a strong team, and executing well. The opportunity provided by India and Odisha is unparalleled. I believe in aiming for 100 startups by Odisha’s hundredth year, 2036; let’s set an additional goal of having at least ten unicorns.”
A video focusing on the 100 Cubes initiative and the I-Hub Foundation was also shown to the participants. The event featured an exhibition of 50 startups from Sambalpur, Jharsuguda, Sundargarh, Bargarh, and other Odisha regions, where they could meet with VCs and angel investors.
The conclave culminated with a Startup Open Mic session, which allowed startups and students to express their expectations of the ecosystem. The session highlighted the startups’ demands for the institute and other stakeholders to act appropriately. The session was led by Sanjiv Bajaj, MD of Bajaj Finserv; Rashmi Ranjan Mohapatra, MD of Parry Enterprises; Nagaraja Prakasam, Author and Angel Investor; Jayanti Mahapatra, CEO and Founder of Manikstu (Goat Bank); Nirmit Parikh, Founder of Apna; and Avinash Punekar, CEO of iCREATE.
IIM Sambalpur is dedicated to providing exceptional management education, instilling a feeling of entrepreneurship, and developing socially responsible leaders. The institute is well-known for its two-year flagship MBA programme, and admissions, like those at the other eight IIMs, are done through the CAT.
