Union Education Minister Dharmendra Pradhan Friday, February 29, inaugurated the I-Hub Foundation, an incubation centre, at the Indian Institute of Management (IIM) Sambalpur, stated a report by PTI.

The foundation will play a pivotal role in nurturing and supporting innovative ventures across diverse sectors, including textiles, art and culture, agriculture, healthcare, financial and digital inclusivity, tribal entrepreneurship, and sustainability.

Pradhan also launched the Sambalpur chapter of 100 Cube start-ups to establish 100 start-ups on its premises, each with an approximate valuation of Rs 100 crore, by Odisha's centennial celebration in 2036.

"Start-ups are the wealth creators, jobs creators, and creators of economic opportunities for the bottom of society," Pradhan said.

Stating that healthcare, textile, agriculture, mines, and minerals are the priority sectors for start-ups, Pradhan said that education institutions like IIM Sambalpur are natural places for mentorship, given the talent pool of the faculty.

"There is no shortage of resources in the country today. However, the challenge lies in linking resources with new ideas and incubation centres like I-Hub will facilitate this," he said.

"Our unique proposition focuses on promoting local art, culture, and intellectual industry in regions rich in mineral and mining resources. We aim to add value to these sectors. Moreover, we are working towards establishing Odisha as a hub for start-ups and entrepreneurs," the Director of IIM Sambalpur, Mahadeo Jaiswal, said, as per the PTI report.