DIMAPUR, JUNE 23 (MExN): ONGC launched the ‘ONGC Start-Up Fund’ on August 14, wherein 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 recentlyat IIT Bombay. The Start-Ups made presentations to the Steering Committee, constituted for this purpose comprising of Shashi Shanker, Director (T&FS), ONGC (Chairman, Steering Committee), AK Srinivasan, Director (Finance), ONGC, Prof Dr Milind Atrey, Program In charge SINE (Co-Chair, Steering Committee) and Prof Dr SB 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 & Production of Oil & 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 MilindAtrey 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.
