Indian Oil Corporation Ltd (IOCL), India’s flagship national oil and gas company, has launched a start-up scheme 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 IndianOil’s Research & Development Centre based at 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.
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.
IndianOil may further aid in the commercialisation of select validated PoCs through equity participation.
Citizens of Indian origin willing to work in India besides individuals affiliated to academic institutions having incubation centres approved by the Central Government, or intrapreneurs from IndianOil can apply under the scheme.
To begin with, IndianOil wll 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).