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&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 & 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 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.

Notes  to the editor:

About  ONGC Start-Up Fund

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.

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