ONGC facilitates startups under government's flagship programme
Mumbai [India], June 23 (ANI): The ONGC has launched the 'ONGC Start-Up Fund' on 14th August 2016. ONGC, SINE and IIT Bombay entered into a MoU to work together for incubating innovative ideas and business Start-Ups in the Energy Sector at the Society for Innovation and Entrepreneurship (SINE) of IIT Bombay.
The Pitching Session to select Start-Ups under ONGC Start-Up Fund was held recently at IIT Bombay. The Start-Ups made presentations to the Steering Committee, constituted for this purpose comprising of Mr Shashi Shanker, Director (T and FS), ONGC (Chairman, Steering Committee), Mr. A K Srinivasan, Director (Finance), ONGC, Prof. Dr. Milind Atrey, Program In charge SINE (Co-Chair, Steering Committee) and Prof. Dr. S B Kedare, IIT Bombay and other members.
ONGC had received nearly 2900 applications on its website. After two rounds of screening, thirty-one applicants were shortlisted and invited for the Pitching Session. The proposals were in the areas of Exploration and Production of Oil and Gas, Artificial Intelligence, Data Analytics, Under Water Robotics, Solar Energy, Waste to Energy, etc. which were presented during the pitching session. It is envisaged that the successful Start-Ups shall be incubated at SINE, IIT Bombay from July 2017.
Speaking on the occasion, Director (T&FS) thanked the applicants for such an overwhelming response to ONGC Start-Up Scheme. He said that ONGC is committed to foster new ideas in energy sector and promote entrepreneurship among the Indian youth and to promote business Start-Ups in energy sector.
Professor Dr Milind Atrey thanked ONGC for bringing the ONGC Start-Up Fund Incubation program to IIT Bombay and said that IIT Bombay shall enhance its infrastructure for more such incubation at IIT Bombay.
ONGC launched the Rs. 100 crore Start-up fund on its Diamond Jubilee year to foster, nurture and incubate new ideas related to oil and gas sector. The initiative, christened as 'ONGC Start-up', is in line with the Govt. of India's initiative 'Start-up India'.
As part of this initiative, ONGC is providing the entire support chain for start-ups including seed capital, hand-holding, mentoring, market linkage and follow-ups. The aim of 'ONGC Start-up' is to increase the contribution of fresh implementable ideas in the oil and gas sector.
"Start-up India" is a flagship initiative of the Government of India, intended to build a strong eco-system for nurturing Start-ups in India. The vision of the Government is to energize the "Start-Up" revolution in India. (http://startupindia.gov.in)
ONGC has joined the mission and endeavors to provide support to worthy Ideas, innovation, products and processes, through funding, incubation support and nurturing. (ANI)