IIM Sambalpur marks foundation day with seed funding for startups and new academic milestones

Foundation Day Events

Indian Institute of Management Sambalpur marked its 12th Foundation Day on Saturday by launching the 11th edition of its annual business conclave, Marmagya 11.0, at the campus. The foundation day centered on the theme "Societal Impact of B-Schools," while the two-day conclave on October 3 and 4 focuses on "Thriving on Business Disruption and Turbulence in an Interconnected World." Saurabh Garg, Secretary of the Ministry of Statistics and Programme Implementation, attended the event as the chief guest alongside senior district officials and industry leaders.

Startup Funding

IIM Sambalpur Director Mahadeo Jaiswal shared that the institute has incubated 35 startups so far. Nine of these startups, supported through the IIM Sambalpur I-Hub Foundation, received seed grants of Rs 5 lakh each, totaling Rs 40 lakh in seed funding. Additionally, four alumni-led startups signed incubation agreements with the institute during the celebrations.

Student Awards and Growth

The institute honored 10 Bachelor of Science students and 16 MBA students as top performers, presenting them with plaques and a cash prize of Rs 1 lakh each. Director Jaiswal noted that the institute has expanded significantly since starting in 2015 with 49 students on a temporary campus. Today, the student body exceeds 1,500 students, alongside more than 175 PhD scholars. The institute currently runs five MBA programs and ten total degree programs, including dual-degree PhDs, and holds the distinction of being the first IIM to offer a bachelor's degree. Furthermore, the institute has mentored 70 to 80 weavers in digital marketing through its master weaver program as part of its work toward building a "Bunkar Valley" in Sambalpur, and plans are underway to open a Centre for AI.

Context

Business schools in India increasingly focus on startup incubation and hands-on industry programs to bridge the gap between academic learning and practical enterprise. Incubators linked to premier institutions help young entrepreneurs access early-stage capital and mentorship, which plays a major role in building regional innovation ecosystems.