Research Driven Economic Growth

The University will partner with private industries and public institutions to invest in the advancement of technology, basic sciences, humanities, and knowledge across other disciplines. In addition to the significant internal capacity at Vedanta University, the research will support local economy by helping commercialize advanced ideas.

To tap the potential for developing cutting edge business, Vedanta University will develop an extensive research park and business incubator. The University will not only work with existing businesses but also help start-up enterprises to be built on University research. This will ensure Vedanta University students to be among the best prepared and competitive minds in the world.

Below are some examples of the value addition to economies enabled by research universities:

  • The Palo Alto Research Park at Stanford University in California has led to the establishment of more than 1200 companies with combined market capitalization in excess of US $330 Billion. It has given rise to a technological revolution with reach throughout the world.
  • The Massachusetts Institute of Technology (MIT) has inspired more than 4000 companies with over US $230 Billion in annual revenue. In addition, MIT was instrumental in development of the state’s high-technology corridor. It is estimated that 1 out of every 150 jobs in the United States is generated by an MIT-linked firm.
  • A significant percentage of graduates from research universities establish permanent careers in the vicinity. The related rise in average levels of education will help raise wages, aspirations and overall economic output.

Vedanta University will stimulate an environment that brings together the world’s greatest minds, a dynamic community of students, a thriving township, and a knowledge economy that produces transformative growth for Odisha. Its research agenda will include not only emerging problems of the world, it will also have relevance to the challenges of the region around it so that it can be a driver of growth for the people around the project. For example, the rich heritage of arts and crafts of Odisha can be showcased in the entire world and it can profit from imaginative design inputs from the University. The Puri-Konark region will become a global thought leader, an international hub for education, a center for advanced study, and home to cutting-edge industry. The cumulative impact of the University in the project area will be bench marked against its current status in order to ensure that the economy of the region is a net gainer from the University.