Sambalpur, Dec 5: In a significant move to foster entrepreneurship and innovation in Odisha, Mahanadi Coalfields Limited (MCL) has signed a Memorandum of Understanding (MoU) with the Foundation for Technology Business Incubator (FTBI) located at the National Institute of Technology (NIT), Rourkela.
The agreement, which was signed recently, marks the beginning of a collaborative initiative aimed at supporting the establishment and growth of startups in the state.
The total project cost is pegged at Rs. 4.65 crore, with the project spanning three years.
MCL, under its Corporate Social Responsibility (CSR) initiative, will contribute funding to establish and run approximately 30 startups in Odisha. The goal is to provide essential assistance to budding entrepreneurs, fostering an ecosystem conducive to innovation and job creation.
Under the terms of the agreement, the FTBI will collaborate with MCL to provide comprehensive support to these startups, which will include seed funding, skill enhancement training, office equipment and the establishment of labs for research and development.
This initiative is expected to provide a critical boost to the startup ecosystem in Odisha by offering all necessary resources to help entrepreneurs bring their ideas to fruition.
A key focus of the project will be empowering women entrepreneurs. Various workshops and seminars will be organised to equip women with the skills, knowledge and networks needed to thrive in the startup world. This initiative aligns with MCL's broader CSR objective of generating sustainable livelihoods for the youth of Odisha.
By nurturing a culture of entrepreneurship and providing the necessary support, MCL aims to create a thriving ecosystem that not only strengthens the regional economy but also contributes to the overall development of the country. This partnership between MCL and FTBI is poised to be a game-changer in transforming Odisha into a hub for innovation and entrepreneurship.
The MoU signing ceremony was attended by senior officials from MCL, FTBI and other stakeholders, who expressed their optimism about the project's potential to bring about positive socio-economic change in the region.
