Indian Oil Corporation, on Friday launched a Rs 30 crore start-up scheme (IndS_UP) to promote promising start-ups and nurture an ecosystem conducive for innovations in the domestic hydrocarbons sect.
According to the oil firm, IOC’s Research & Development Centre based at Faridabad will support innovative technology and business process re-engineering ideas with significant business potential, social relevance and focused on environment-protection.
The start-up scheme will be managed through a dedicated online portal which is yet to be announced and shall facilitate a community of innovators and entrepreneurs.
“It will help them pursue their promising ideas right up to validated proof of concept (PoC) by funding the incubation ecosystem and through intellectual mentoring,” said IOC.
To begin with, IndianOil will float the first round of open Innovation Challenge by way of an Expression of Interest (EoI) to select 9 proposals in the domain of Technology Process Re-engineering (TPRE) and 6 proposals in the domain of Business Process Re-engineering (BPRE). The proposals received will be subjected to a 2-level screening and the shortlisted one shall be incubated with the required physical and intellectual support till they reach Proof of Concet (PoC) stage. The project owners shall be supported with grants of up to Rs. 2 crore per project during this period.
Indian Oil also said it may further aid in the commercialization of select validated PoCs through equity participation. Citizens of Indian origin willing to work in India, besides individuals affiliated to academic institutions approved by the Central Government, or intrapreneurs from Indian Oil can apply.
According to reports, a total of seven public sector oil companies are coming together to launch a INR 100 Crore ($15 Mn) startup fund, of which four – ONGC, OIL and, now IOCL had already launched their startup funds and those which are yet announce are — Bharat Petroleum Corp. Ltd, Hindustan Petroleum Corp. Ltd, GAIL, Engineers India Ltd and Oil, and Natural Gas Corp. Ltd. The funds are said to be used to foster, nurture, and incubate new ideas related to the oil and gas sector.
Earlier in August, ONGC, an another oil-based PSU, had launched a Rs 100 crore Start-up fund followed by INR 50 crore OIL startup fund announced this month by Assam state-run Oil Industries Ltd (OIL).
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