"We will reach out to large industries in public and private sector, for funding from their CSR fund to create the basic infrastructure”, he added.
For making the business model viable, 10 to 20 villages will be taken as a cluster. The chosen villages would not be far from the airports for the convenience of the visitors. To begin with, IIM Sambalpur plans to develop two clusters in Odisha. If successful, the business model is proposed to be replicated other villages across the country.
"We will have a revenue model for Smart villages to make them sustainable and create wealth”, Jaiswal said.
Building Smart Villages is expected to complement the Union Government's push for 100 Smart Cities. More, such self-sustainable villages could also bring in a multiplier effect to the economy
IIM Sambalpur is also setting up a Centre for Social Entrepreneurship with a business model to promote the start-ups in the social sector.
In this academic year, the B-school
has doubled its intake for MBA course to 120. It has also planned to roll out executive MBA (part-time) and PhD programs.
IIM-Sambalpur is one among the third generation IIMs announced in Budget 2014-15, alongside IIM-Vishakhapatnam (Andhra Pradesh), IIM-Bodh Gaya (Bihar), IIM-Sirmaur (Himachal Pradesh), IIM-Nagpur (Maharashtra) and IIM-Amritsar (Punjab).
The institute is presently operating out of a makeshift campus. It has been allotted 237 acres land by the Odisha government at Basantpur on the outskirts of Sambalpur for its permanent campus.