Home · Health · Oct 4 archive
IIM Sambalpur Announces Seed Funding for Nine Startups
Confirmed
In Short: IIM Sambalpur has provided Rs 40 lakh in seed funding to nine startups during its 12th Foundation Day.
IIM Sambalpur Director Mahadeo Jaiswal announced that the institute has provided Rs 40 lakh in seed funding to nine startups incubated under the IIM Sambalpur I-Hub Foundation, each receiving Rs 5 lakh.
The funding was announced during the institute's 12th Foundation Day celebrations and the inauguration of the 11th edition of its annual business conclave, Marmagya 11.0, which took place on October 3 and 4.
Jaiswal highlighted the institute's growth over the past 11 years, noting that it has expanded from 49 students and a temporary campus in 2015 to more than 1,500 students, over 175 PhD scholars, and five MBA programs.
In addition to the seed funding, four alumni-led startups signed memorandums of understanding (MoUs) with the institute for incubation.
The institute also announced plans to establish a Centre for Artificial Intelligence (AI), reflecting its focus on emerging technologies and entrepreneurship.
The theme of the Marmagya 11.0 conclave was 'Thriving on Business Disruption and Turbulence in an Interconnected World.'
What's confirmed
- The nine startups incubated under the IIM Sambalpur I-Hub Foundation received Rs 5 lakh seed grants each, while four alumni-led startups signed incubation MoUs with the institute.
- Under its master weaver programme, IIM Sambalpur has mentored more than 70-80 weavers in digital marketing and is working towards developing a “Bunkar Valley” in Sambalpur.
- The conclave was held on October 3 and 4 with the theme “Thriving on Business Disruption and Turbulence in an Interconnected World.” Jaiswal said the institute has incubated 35 start-ups so far.
What's still developing
- Seed funding is early-stage financial support that helps a start-up develop its product or service, build its team and take its business forward.