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The Indian Institute of Management (IIM) Sambalpur has announced seed funding for nine start-ups incubated by the institute as it celebrated its 12th Foundation Day. The nine start-ups received Rs 5 lakh each, taking the total seed funding to Rs 40 lakh.
The announcement was made by IIM Sambalpur Director Mahadeo Jaiswal during the institute’s Foundation Day event and the inauguration of the 11th edition of its annual business conclave, Marmagya 11.0. The conclave was held on October 3 and 4 with the theme “Thriving on Business Disruption and Turbulence in an Interconnected World.”
IIM Sambalpur Incubated 35 Start-ups
Jaiswal said the institute has incubated 35 start-ups so far. Incubation refers to the support provided to early-stage businesses through facilities, mentorship, guidance and other resources to help them develop their ideas into viable businesses.
The nine start-ups that received funding were incubated through the IIM Sambalpur I-Hub Foundation. 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.
The institute also announced that four alumni-led start-ups signed incubation MoUs with IIM Sambalpur. An MoU, or Memorandum of Understanding, is an agreement that records the broad understanding and cooperation between two parties.
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IIM Sambalpur Recognises Student Performers
The institute also recognised its academic performers during the Foundation Day celebrations. Ten BS students and 16 MBA students received plaques and prize money of Rs 1 lakh each, according to the report.
The event was presided over by Saurabh Garg, Secretary, Ministry of Statistics and Programme Implementation (MoSPI), who attended as the chief guest. Senior district administration officials and industry representatives were also present.
IIM Sambalpur Plans AI Centre, Bunkar Valley
Jaiswal highlighted the institute’s growth since it began with 49 students at a temporary campus in 2015. It now has more than 1,500 students and over 175 PhD scholars, and offers five MBA programmes and 10 degree programmes.
The institute is also working on initiatives beyond conventional management education. Under its Master Weaver Programme, it has mentored more than 70–80 weavers in digital marketing and is working towards developing a “Bunkar Valley” in Sambalpur.
IIM Sambalpur has also announced plans to establish a Centre for Artificial Intelligence (AI), reflecting its focus on emerging technologies and entrepreneurship.
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