AU, IOCL to hold startup fund pitching

IOCL will be presenting about the startup scheme and the funding support available to prospective entrepreneurs’

Visakhapatnam: Andhra University and Indian Oil Corporation Ltd are jointly organising IOCL Startup Fund Pitching on May 20 here.

During the pitching session the IOCL top management represented by Dr SSV Rama Kumar, Director R&D and his team will be presenting about the startup scheme of IOCL and the funding support available to prospective entrepreneurs’ startups, students, research scholars and faculty who have brilliant and transforming ideas and who wish to build startups based on their innovative ideas in the hydrocarbon sector.

The theme of this round of funding call is on the Open Innovation Challenge “Green Resolve-Amrit Kaal Adhyay”-Nurturing New Ideas for Oil and Gas Sector. In the earlier three rounds of call for proposals 36 innovative ideas have been selected, funded and incubated across the country.

The uniqueness of the IOCL Startup Funding is that the mentoring support in developing a solution to the mutually agreed problem will be provided from the senior management team of IOCL and the technological solution will be validated in the oil company. IOCL will be the consumer of the product or process or the service that comes out of the startup so that market access is provided. In each call, IOCL aims to provide financial assistance of about Rs 30 crore to enable young minds to validate their innovative ideas to blossom into startup ventures.

The meeting will be presided over by Prof PVGD Prasad Reddy, Vice Chancellor, Andhra University. For registration and information, interested participants may contact Prof H Purushotham, DPIIT-IPR Chair at 9599229217.