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Location: Bhubaneshwar has played a significant role in encouraging Indian IT behemoths to have their operational centres in the city. Govt. of Odisha has also formulated a forward-looking Startup Policy to develop a Startup Hub in Odisha by 2020 and create a robust environment and an innovative ecosystem to nurture at least 1,000 startups in next five years. Moreover, Bhubaneswar has been ranked 3rd in terms of ease of doing business by World Bank in its 2009 "Doing Business - Subnational reports for India ranks". Ranked 5th in terms of ease of starting a business, 1st in ease of EXIM and 5th in terms of ease of closing a business, Bhubaneswar is encouraging lot of entrepreneurial activities.
Partners: The partners include MeitY, STPI, Govt. of Odisha, IIT Bhubaneswar and philanthropist Smt. Susmita Bagchi.
Target Beneficiaries: The VARCoE intends to support and nurture 300 startups over a period of 5 years.
Duration: This CoE is envisaged initially for 5 years which may be extended further based on mutual agreement among all stakeholders.
Budget & Source of Funding: The total budgetary outlay of this CoE is approximately Rs. 10 crore with support of Rs. 2.5 each from MSME Dept, Govt. of Odisha, STPI/MeitY, philanthropist grant and the balance from IIT Bhubaneswar.
The facility encompasses:
Chairman Skill Development Authority, Govt. of Odisha & Non-Executive Director & Co-Founder Mindtree
Assistant Professor STPI Bhubaneswar
The CoE is expected to create a high potential ecosystem for carrying out R&D activity in VAR, immersive visualization & applications to boost R&D, skill development, manpower creation through innovative education program & foster technology incubation and entrepreneurship