"Institute of Management, Bhubaneswar", popularly known as IMB was founded through a Deed of Declaration of Trust made on 11th September 1971 by a practicing Cost & Management Accountant who acted himself as Managing Trustee and made his wife as additional Trustee. The Managing Trustee then started an Oral Coaching Centre in the name of the Trust for which the State Government in the Education Department were pleased to permit it to hold classes in the premises of BJB College, Arts Block only during evening hours. Accordingly, the new Institute started functioning by way of imparting oral coaching to the registered Students of the Institute of Cost & Works Accountants of India with effect from 22nd October 1971. Since then, the Managing Trustee has been acting as Honorary Director, Ex-Officio, of the Institute thus set up by the Trust founded by himself. As per provision made in the Trust Deed, every Institute sponsored by the Trust must have a registered Governing Body of its own to ensure its perpetual succession through reconstitution of fresh Governing Body as and when required as per provision of law. In order to form the first Governing Body of the Institute, the Managing Trustee sought consent of eminent personalities and professionals in the field of management to be associated with the management of the new Institute. Thus, 15 No. of highly placed Government officials and professionals working in different fields lent their consent to be associated with a novel venture started for the first time in Orissa under private initiative. On behalf of the promoter Trust, the Managing Trustee-cum-Director, Ex-Officio, of the sponsored Institute nominated 7 persons out of them to constitute the first Governing Body and himself acted as Secretary, Ex-Officio, to G. B. Soon after formation of the Governing Body, the Institute was duly registered as a separate legal entity under the Societies Registration Act of 1860bearing Registration No.6295/251 of 1971-72 dated 15th February 1972 and thereafter, the management of affairs of the Trust sponsored Institute was entrusted to the new G.B.
Soon thereafter, the new Institute added to its feather a new wing to impart short duration training programs in Small Industries Management and Entrepreneurship Development as a regular feature in its curriculum. Recognizing its sincere efforts towards promotion of management education and development of entrepreneurship, the Government of Orissa were pleased to patronize it by way of gifting a 3-Acre of plot of land at a very conspicuous location near Rasulgarh Square adjoining to N.H.5.during 1978. The newly sponsored IMBSchool of Hospitality is an offshoot of IMB duly approved by the Department of Tourism & Culture, Government of Odisha.
To build professional career of future business leaders who would be shaping the destiny of India and to bring about total economic freedom to its poor citizens.
To germinate the seeds of Innovation, Motivation & Biz-acumen, symbolizing the name of IMB, in the budding professionals who would be eventually shouldering social responsibilities towards alleviation of poverty under the paradox of plenty.