{"id":50947,"date":"2022-11-25T12:03:56","date_gmt":"2022-11-25T06:33:56","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=50947"},"modified":"2024-12-10T18:10:15","modified_gmt":"2024-12-10T12:40:15","slug":"an-overview-indian-oil-startup-fund","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/an-overview-indian-oil-startup-fund\/","title":{"rendered":"Indian Oil Startup Fund- An Overview"},"content":{"rendered":"\n<p>The\nIndian Oil Startup Fund is a startup scheme which has been spearheaded by The\nIndian Oil Corporation Limited with a view to \u201csupport projects which involve\ninnovative technology and business process re-engineering ideas with significant\nbusiness potential, social relevance, focus on environment-protection\u201d in the\ndomestic and hydrocarbon sector. The startup scheme has a revolving corpus of\nRupees Thirty Crore for every round of investment. Moreover, the National\nResearch and Development Corporation has signed a Memorandum of Association\nwith Indian Oil Corporation Limited to provide incubation support to startups.\nTo avail the benefits under the scheme, the applicants are selected through the\nIndian Oil Open Innovation Challenge. Scroll down to check more information\nregarding the Indian Oil Startup Fund<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/an-overview-indian-oil-startup-fund\/#Purpose_of_the_Indian_Oil_Startup_Scheme\" >Purpose of the Indian Oil Startup Scheme<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/an-overview-indian-oil-startup-fund\/#Indian_Oil_Open_Innovation_Challenge_%E2%80%93_Indian_Oil_Startup_Fund\" >Indian Oil Open Innovation\nChallenge &#8211; Indian Oil Startup Fund<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/an-overview-indian-oil-startup-fund\/#Steps_Involved_in_Selecting_Projects_%E2%80%93_Indian_Oil_Startup_Fund\" >Steps Involved in Selecting\nProjects &#8211; Indian Oil Startup Fund<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/an-overview-indian-oil-startup-fund\/#Funding_%E2%80%93_Indian_Oil_Startup_Fund\" >Funding &#8211; Indian Oil Startup Fund<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/an-overview-indian-oil-startup-fund\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Purpose_of_the_Indian_Oil_Startup_Scheme\"><\/span>Purpose of the Indian Oil Startup Scheme<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The purpose of the <strong>Indian Oil Startup Scheme<\/strong><sup><a class=\"text-primary\" href=\"https:\/\/dpe.gov.in\/sites\/default\/files\/IndianOil_Start_Up.pdf\"><strong>[1]<\/strong><\/a><\/sup> is manifold. It majorly aims to support projects\nwhich use technology and business process re-engineering to develop projects or\nprocesses which are commercially viable, environment friendly and socially\nrelevant and is in tune with the domain of work carried out by the Indian Oil\nCorporation. It also aims at promoting collective research, developing a\nthriving startup ecosystem, validating Proof of Concept (PoC) for various\ntechnology and business process re-engineering ideas and bringing the quality\nof intrapreneurship and technological innovation.<\/p>\n\n\n\n<p>It aims to provide financial support to projects\nwhich provide innovative and alternative solutions to areas in Indian Oil\nCorporations&#8217; domain of business, and reduce the ambiguity in existing\ntechnology and business processes and operations which minimize waste.<\/p>\n\n\n\n<p>The scheme aims to fund waste-to-energy\nprojects, environment-friendly disposal of insulation materials, LPG cylinder\nsafety aspects and improve innovation in areas of various technology process\nre-engineering like, inter alia, low-cost desalination of seawater, low-cost\nproduction of hydrogen, projects which ensure zero waste from refineries,\nlow-cost vapour recovery system at fuel stations.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Indian_Oil_Open_Innovation_Challenge_%E2%80%93_Indian_Oil_Startup_Fund\"><\/span>Indian Oil Open Innovation\nChallenge &#8211; Indian Oil Startup Fund<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Indian Oil Open Innovation Challenge is\nmanaged by the Indian Oil Research and Development Centre, Faridabad. The first\nround of the Open Innovation Challenge was flagged off by an Expression of\nInterest, where nine project proposals in Technology Process Re-engineering and\nsix proposals in Business Process Re-engineering were selected.<\/p>\n\n\n\n<p>The challenge aims at finding viable proposals\nwhich are ethical, environment-friendly, socially advanced and can be\ntechnologically commercialized and converted into implementable goods, services,\nand technology.<\/p>\n\n\n\n<p><strong>Eligibility\nto enter the Indian Oil Open\nInnovation Challenge.<\/strong><\/p>\n\n\n\n<p>To\nbe eligible to enter the challenge:<\/p>\n\n\n\n<ul>\n<li>One ought to be a citizen of India or\na Non-Resident Indians (NRIs) who is willing to undertake and work on projects\nin India; the candidates are free to participate individually or as a team.<\/li>\n\n\n\n<li>Candidates belonging to educational\ninstitutions with Central Government approved incubation centres can also take\npart in the challenge.<\/li>\n<\/ul>\n\n\n\n<p><strong>Guidelines\nfor the Indian Oil Open\nInnovation Challenge:<\/strong><\/p>\n\n\n\n<ul>\n<li>The challenge shall be entered into\nby registering on an online portal and filling out an online application form.\nAll updates shall be provided on this portal.<\/li>\n\n\n\n<li>The intellectual property rights in\nthe projects, innovations under the scheme shall be jointly owned by the\ninnovator and the Central Government.<\/li>\n\n\n\n<li>Once a project has been selected\nunder the scheme, various funding sources for the same project shall not be\nallowed.<\/li>\n\n\n\n<li>Technology which has been bought\nshall not be presented.<\/li>\n\n\n\n<li>The right of commercialization of the\nProof of Concept (PoC) shall lie with the Central Government and such\ncommercialization shall be set up in India.<\/li>\n<\/ul>\n\n\n\n<p><strong><em>There\nare certain projects which shall not be considered and are not eligible to avail\nof the Indian Oil Startup Scheme. The following projects shall not be supported\nby the Startup Fund:<\/em><\/strong><\/p>\n\n\n\n<ul>\n<li>Projects and ideas which are against\nthe essence of Make in India <\/li>\n\n\n\n<li>Projects related to research\nfellowship or purely academic research<\/li>\n\n\n\n<li>Projects without any view to\ntransforming into implementable technology, product or process<\/li>\n\n\n\n<li>Research projects lacking visions of\ntechnological commercialization and which just involve research on scientific\nprinciples without any commercial viability.<\/li>\n\n\n\n<li>Projects that are unethical, harmful\nto the environment, unsafe and have been declared not feasible by experts.<\/li>\n\n\n\n<li>Technological ideas with no or only\nweak association with science, engineering and the environment<\/li>\n\n\n\n<li>Projects that involve any clinic\ntrial, field trials or end-stage validation of technology involved.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Steps_Involved_in_Selecting_Projects_%E2%80%93_Indian_Oil_Startup_Fund\"><\/span>Steps Involved in Selecting\nProjects &#8211; Indian Oil Startup Fund<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul>\n<li>The\nfirst step is to identify and review relevant ideas with respect to sectors of\nTechnology Process Re-engineering and Business Process Re-engineering. <\/li>\n\n\n\n<li>The\nprojects will then be shortlisted and scrutinized by two committees<\/li>\n\n\n\n<li>The\nLevel-1 Committee will shortlist ideas based on set parameters and guidelines. <\/li>\n\n\n\n<li>The\nprojects shortlisted by the Level-1 Committee shall be evaluated by Level-2\nCommittee through presentations and discussions between the applicants and the\nLevel-2 Committee members.<\/li>\n<\/ul>\n\n\n\n<p>The projects selected by the Level-2 Committee shall\nbe eligible to receive incubation support from the Indian Oil Corporation till\nthe Proof of Concept stage, financial and mentor support, intellectual and\nlogistical support and any other technical assistance required by the project.<\/p>\n\n\n\n<p>The <strong>Level-1\nCommittee<\/strong> scrutinizes the application on various criteria like: Innovation\nlevel, the technical feasibility of the project, business feasibility of the\nproject, commercial impact, commercial strategy, team profile, relevance to\nIndian Oil Corporation&#8217;s business, and risk and mitigation factors. The\nprojects are marked out of a total of 100, out of which the applicants have to\nmeet the cut of 70 marks to proceed to the next level.<\/p>\n\n\n\n<p>The <strong>Level-2\nCommittee<\/strong>, which screens applicants on the basis of presentations and\npersonal discussions judge them on the basis of financial viability of the model,\ninnovation level, robustness of the implementation plan, kind of project,\ntechnology, process and presentation and personal interaction. The projects are\nmarked out of a total of 100, out of which the applicants have to meet the cut\nof 60 marks for selection. A minimum of 50% is required in each category of\nevaluation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Funding_%E2%80%93_Indian_Oil_Startup_Fund\"><\/span>Funding &#8211; Indian Oil Startup Fund<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Indian Oil Startup Fund has a revolving\ncorpus of Rupees Thirty Crore, and this funding shall be provided to selected\nprojects based on pre-determined timeline. For projects from the Technology\nProcess Re-engineering sector, the funds shall be provided over a time period\nof Thirty-Six months and for Business Process Re-engineering projects, the\nfunds shall be provided over a time period of Eighteen months. The funds shall\nbe disbursed in instalments on the project achieving certain milestones. There\nis no royalty applicable on the funds provided to startups under the Indian Oil\nStartup Scheme. Indian Oil Corporation may also provide help with the\ncommercialization of a project through equity participation after it has\nreached the Proof of Concept stage.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Indian Oil Startup Fund is a <strong><a href=\"https:\/\/corpbiz.io\/startup-india-registration\" title=\"Startup India Registration Process\">Startup India Registration<\/a><\/strong> scheme that has been launched by The Indian Oil Corporation Limited with a view to support projects which involve innovative technology and business process re-engineering ideas with significant business potential, social relevance, and focus on environment protection. The Indian Oil Startup Fund is brilliant way to fuel research and technological advancement and help burgeon the already thriving startup culture but in ways which create products and processes that are environment friendly and socially relevant.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read Our Article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/process-of-startup-india-registration-online\/\">Process of Startup India Registration: A Step by Step Guide<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Indian Oil Startup Fund is a startup scheme which has been spearheaded by The Indian Oil Corporation Limited with a view to \u201csupport projects which involve innovative technology and business process re-engineering ideas with significant business potential, social relevance, focus on environment-protection\u201d in the domestic and hydrocarbon sector. The startup scheme has a revolving [&hellip;]<\/p>\n","protected":false},"author":47,"featured_media":50948,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[968],"tags":[2899],"acf":{"service_id":"250"},"authorName":"Sherin Jose","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/11\/MicrosoftTeams-image-4-e1668575330329.jpg","authorDescription":"Sherin has degrees in Law and English Literature from the University of Delhi. She is adept at legal research and writing and enjoys discussing and analysing important legal developments. Her primary interests lie in Corporate, FinTech and IPR Law and she is always on the lookout for exploring new developments in the area. She is an avid reader who loves classics and contemporary fiction. She likes to travel, bake and obsess over cat videos in her free time.","postViews":3987,"readingTime":5,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/50947"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/47"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=50947"}],"version-history":[{"count":4,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/50947\/revisions"}],"predecessor-version":[{"id":67720,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/50947\/revisions\/67720"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/50948"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=50947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=50947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=50947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}