NEW DELHI: Indian Oil Corporation, on Friday launched a Rs 30 crore start-up scheme (IndS_UP) to promote promising start-ups and nurture an eco-system conducive for innovations in the domestic hydrocarbons sect.
According to the oil firm, IOC’s Research & Development Centre based at Faridabad will support 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 managed through a dedicated online portal and shall facilitate a community of innovators and entrepreneurs.
“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,” said IOC.
IndianOil also said it 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 approved by the Central Government, or intrapreneurs from IndianOil can apply.