The Indian Oil Corporation Limited has consistently prioritized cutting-edge research and development. They currently hold the nation’s top market share in the oil and gas industry. The Indian Oil Startup Fund was founded by Indian Oil with the goal of supporting creative projects that include technical advancements and business process re-engineering concepts as well as promoting entrepreneurs. In order to get Fund advantages, applicants must be chosen via the Indian Oil Open Innovation Challenge program. The Indian Oil startup fund and the scheme are thoroughly discussed in this article.
Indian Oil Launches Start-Up Initiative which is led by Indian Oil Research & Development Center located in Faridabad. The scheme will fund projects that aim to build innovative technology and business process re-engineering ideas with considerable business potential, social value, and focused on environment-protection. Start-up initiatives in the oil and gas sector were launched on October 25th, 2017 with the vision of the Honorable Prime Minister. The aim of this program is to create a strong ecosystem for fostering innovation and startups in the nation, which will promote long-term economic growth and provide a significant number of job opportunities.
Indian Oil will initially announce the first round of its Open Innovation Challenge, using an Expression of Interest (EoI) to choose 9 proposals in the technology process re-engineering (TPRE) and 6 in the business process re-engineering categories (BPRE). The received proposals will go through the stage 2 which is named as screening process, and the ones that make the short list will be given the necessary intellectual and physical assistance until they reach the PoC stage. The business owners will be provided up to Rs. 2 crore per project during this scheme.
The Indian Oil Research and Development Center in Faridabad will oversee and manage the Indian Oil Open Innovation Challenge. The goal of the challenge is to fund initiatives that would establish strong concepts and technology which are also economically feasible, socially meaningful, and environmentally beneficial. Indians who are willing to work in India, affiliated with academic institutions that have incubation center approved by the Central Government, or entrepreneurs working for Indian Oil are eligible to apply in the scheme.
The Indian Oil Open Innovation Challenge will be put into action with the help of the Indian Oil Startup Fund. The chosen proposals would get funding over a predetermined period. The funds for Technology Process Re-Engineering (TPRE) projects would be released over a 36-month period. On the other hand, business process re-engineering (BPRE) initiatives would need to be funded for a duration of 18 months. The Indian Oil Corporation Limited may decide to assist in the commercialization of selected concepts through equity involvement once the businesses have reached the Proof of Concept (PoC) stage.
The Indian Oil Startup Fund will provide financial support for the projects through the Indian Oil Open Innovation Challenge-
The guidelines for the Indian Oil Open Innovation Challenge are listed below.
The start-up scheme will be managed through a specific online portal and support the community of innovators, entrepreneurs, and entrepreneurs. By supporting the incubation ecosystem and providing intellectual mentoring, it will assist them in advancing their intriguing ideas all the way to verified proof of concept (PoC). Indian Oil may also support the commercialization of a few validated PoCs through equity involvement.
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