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IIM Sambalpur Celebrates 9th Foundation Day with $2 Million Funding and Entrepreneurship Pact

IIM Sambalpur Celebrates 9th Foundation Day with $2 Million Funding and Entrepreneurship Pact

Sambalpur, September 23, 2023 - IIM Sambalpur marked its 9th Foundation Day with the theme "Accelerating Startup's Ecosystems." The event witnessed significant developments as Mr. Sushant Kumar, ESKYEN Ventures, pledged $2 million to the IIM Sambalpur Incubation Centre for nurturing startups and entrepreneurship. Additionally, a memorandum of understanding (MoU) was signed between IIM Sambalpur and India Accelerator to enhance entrepreneurial skills among its incubatees.

The program was graced by Shri. Dharmendra Pradhan, Hon’ble Minister of Education, Skill Development & Entrepreneurship, Government of India, as the Chief Guest.

During the event, Shri Dharmendra Pradhan, Union Education Minister, congratulated IIM Sambalpur on its Ninth Foundation Day through a video message. He commended the institute's strategic collaborations with organizations such as India Accelerator, SIDBI, and Flipkart, recognizing their pivotal role in nurturing entrepreneurs and supporting local artisans and weavers. In his inspirational address, he encouraged students to embody the values of innovation, inclusivity, and integrity, which are the cornerstones of IIM Sambalpur. He stressed the importance of striving for excellence, contributing to society, and upholding these values to drive India towards becoming a developed nation by 2047.

Mr. Sushant Kumar, Founder & Principal of ESKEYN Ventures & Indus Capital, USA, the Guest of Honour, emphasized the significance of early investors like Ram Shriram, Google's first investor, in fostering startups and innovation. He empathized with the challenges faced by entrepreneurs, including fundraising, loan repayments, and job stability, and announced a substantial $2 million funding for an incubation center at IIM Sambalpur. He lauded Professor Jaiswal's dynamic leadership and assured the swift implementation of the project.

The Keynote Speaker, Mr. Hiranmaya Mahanta, CEO of i-HUB Gujarat, drew parallels between IIM Sambalpur and Stanford University's innovative spirit. He highlighted Stanford's transformation from receiving a modest $50,000 grant from the U.S. State Department's innovation fund in 1939 to becoming a global innovation powerhouse. Similarly, he believed that IIM Sambalpur, under Dr. Jaiswal's leadership, could lead the charge in promoting entrepreneurship and innovation. He encouraged students to embrace an innovative mindset, take calculated risks, and never hesitate to ask questions.

In his welcome address, Prof. Mahadeo Jaiswal, Director of IIM Sambalpur, reflected on the institute's remarkable journey since its establishment on September 23, 2015. He shared achievements, including achieving 50% gender diversity in 2019 and the institute's leadership in admitting non-engineering students into MBA programs. Prof. Jaiswal also highlighted three unique projects,,, and, aimed at promoting artisans, studying the mining industry's impact on society, and fostering digital leadership in the country.

The event witnessed the presence of Mr. Deepak Sharma, Co-Founder & Managing Partner, India Accelerator; Mr. Sushant Kumar, Founder & Principal, ESKEYN Ventures & Indus Capital, USA; and Mr. Bodhisattwa Sanghapriya, Founder and CEO of IG Drones.

The occasion concluded with the felicitation of key achievers across different fields, followed by a roundtable discussion on "Accelerating Startup’s Ecosystems."


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