Today, IIT Bhubaneswar received license and incorporation certificate from Registrar of companies (RoC) to run IIT Bhubaneswar Research and Entrepreneurship Park, a section-8 (not for profit) company. This newly formed company will operate from the Samantapuri campus of IIT Bhubaneswar, at the heart of the capital city Bhubaneswar, and will promote entrepreneurship, research, and startup activities. Opening a section-8 company will also help IIT Bhubaneswar to receive grants under various government schemes promoting entrepreneurship, research, and startup activities. Eventually the park will operate from the permanent campus of the Institute where already a 70 acres space earmarked for the purpose, said Prof. R.V. Raja Kumar, Director, IIT Bhubaneswar.

IIT Bhubaneswar Research and Entrepreneurship Park will initially operate under the chairmanship of Prof. R. V. Rajakumar, Director, IIT Bhubaneswar. He will be assisted by Prof. R. K. Panda, Dean R&D IIT Bhubaneswar, and Dr. Ankush Sharma, PIC Startup Centre IIT Bhubaneswar, as two other directors of the company.

Prof. R. V. Rajakumar, Director, IIT Bhubaneswar reiterated to promote entrepreneurship and innovation not only in this state but also in the surrounding states. There are numerous colleges and universities offering various courses, such as engineering, science, and agriculture, to their students.  Therefore, a rich pool of talent is available in and around IIT Bhubaneswar which needs to be guided for innovation, research, and the entrepreneurship activities. To shape their innovation and promote their entrepreneurship interests, IIT Bhubaneswar Research and Entrepreneurship Park will act as a nodal center.