The IIT Bhubaneswar on Thursday received a licence and an incorporation certificate from the Registrar of Companies (RoC) to run the IIT Bhubaneswar Research and Entrepreneurship Park as a non-profit company in its Samantapuri campus here.
The premier institute had set up a Startup centre on a 40,000-sq ft area at its campus last year. The centre has already attracted a large number of applicants and some of the selected ones have already started functioning.
The park would promote entrepreneurship, research and startup activities. The non-profit company will also help IIT Bhubaneswar to receive grants under various Government schemes promoting the aforesaid activities.
Eventually, the park would operate from the permanent campus of the institute where already a 70-acre space earmarked for the purpose, said Director Prof RV Raja Kumar.
The park would initially operate under his chairmanship, and he would be assisted by R and D Dean Prof RK Panda and Startup PIC Dr Ankush Sharma as two other Directors of the company.
“We are happy to take the responsibility of promoting entrepreneurship and innovation not only in our State but also in the surrounding States. There are numerous colleges and universities offering various courses, such as engineering, science and agriculture to students in Odisha. These talents needs to be guided for innovation, research and the entrepreneurship activities. The park would act as a nodal center to shape their innovation and promote their entrepreneurship interests,” said Rajakumar.