BHUBANESWAR: The Indian Institute of Technology (IIT), Bhubaneswar has received licence for Research and Entrepreneurship Park, a not for profit company which will encourage entrepreneurial initiatives.The licence and incorporation certificate from Registrar of Companies (RoC) will help IIT Bhubaneswar receive grants under Government schemes promoting entrepreneurship, research and startup activities.
The IIT had started a technology incubation and a startup centre over a sprawling 40,000 sq ft last year. The centre has already attracted a large number of applicants and some have started functioning from Samantapuri campus of the institute.
The newly-formed company will operate from the same campus located at the heart of the city before moving to the permanent campus of the IIT at Arugul, where 70 acres has been earmarked for the purpose, Director Prof RV Raja Kumar said.
The research and entrepreneurship park will initially operate under chairmanship of Prof Rajakumar. He will be assisted by Dean R&D Prof RK Panda and PIC Startup Centre Dr Ankush Sharma as two other directors of the company.
“There are numerous colleges and universities offering various courses to their students. A rich pool of talent is available in and around IIT Bhubaneswar which needs to be guided for innovation, research and entrepreneurship activities. To shape their innovation and promote their entrepreneurship interests, IIT-Bhubaneswar Research and Entrepreneurship Park will act as a nodal centre,” the IIT Director said.