Everything you need to know on Indian Oil Startup Fund
September 26, 2022
A Guide to Indian Oil Startup Fund
Table of Content
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.
Brief introduction to the Indian Oil Startup Fund
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.
Open Innovation Challenge by Indian Oil
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.
Funding for Indian Oil Startup
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.
Supported Projects by the Indian Oil Startup Fund
The Indian Oil Startup Fund will provide financial support for the projects through the Indian Oil Open Innovation Challenge-
- Process/product innovations that are socially relevant, commercially viable, and environment-friendly.
- Projects that are sufficiently relevant for the operations of Indian Oil Corporation Limited and have a clear technological or business process re-engineering target.
- Innovative operating solutions for each of Indian Oil’s industry sectors.
- Any of the categories of Indian oil can have the benefits from unconventional and sharp operating solutions.
- Concepts and practices centered on minimizing or reducing waste or completely removing it.
- Projects with the objective of reducing technological and commercial uncertainty.
Guidelines for the Indian Oil Open Innovation Challenge
The guidelines for the Indian Oil Open Innovation Challenge are listed below.
- Every Indian citizen may participate in the Scheme. Non-Resident Indians would be counted under this category and would need to be open to work and take on initiatives in India.
- Candidates may appear either alone or in groups.
- Once a project has been chosen for this Scheme, multiple financing sources are not allowed for it.
- Candidates from academic institutions with incubation centers that have received approval from the Central Government are also eligible to compete in the Challenge. Therefore, individuals or teams working in the incubators will also be allowed. A No-Objection Certificate that has been authorized by the incubation center is required.
- Any purchased technology would not be taken into consideration.
- The official portal of the company would be used to manage the program. The portal will also provide updates on the program.
- Indian Oil Corporation Limited and the innovator/entrepreneur would share ownership of the intellectual property rights for work completed under the scheme.
- The establishment for the PoC’s commercialization would be in India.
- Indian Oil Corporation Limited is the only entity that has the authority to commercialize any PoC.
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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