Indian Oil launches start-up scheme

Indian Oil Corporation, India’s flagship national oil major, has recently launched a start-up scheme (IndS_UP) with a revolving corpus fund of Rs 30 crore to promote promising start-ups and nurture an eco-system conducive for innovations in the domestic hydrocarbons sector.

Driven by Indian Oil’s research & development center in Faridabad, the scheme will support projects that aim to establish innovative technology and business process re-engineering ideas with significant business potential, social relevance and focussed on environment-protection.

The start-up scheme will be administered through a dedicated online portal and shall facilitate the community of innovators, entrepreneurs and intrapreneurs. 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.

Indian Oil may further aid in the commercialisation of select validated PoCs through equity participation. To begin with, the company will float the first round of open innovation challenge by way of an expression of interest (EoI) to select 15 proposals in the Technology Process Re-engineering (TPRE) and Business Process Re-engineering (BPRE) domains respectively.

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 PoC stage. The project owners shall be supported with grants of up to Rs 2 crore per project during this period.

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