Indian Institute of Management, Lucknow (IIM-L) and Hindustan Petroleum Corporation Limited (HPCL) have signed a Memorandum of Understanding (MoU) for incubating innovative ideas and business start-ups in the domestic energy sector.
Under the tie-up, the selected start-ups would be provided with seed funding and incubated at IIM-L Enterprise Incubation Centre (L-INCUBATOR). The MoU was signed recently during Startup Pitch Day at the Noida campus of IIM-L.
“This agreement will unlock the unlimited and undeniable potential of the start-up ecosystem in India and will impact the economy as a whole,” IIM-L faculty professor M Akbar said about HPCL bringing its start-up programme to L-INCUBATOR.
Meanwhile, the energy start-ups have made presentations to the Steering Committee, constituted for this purpose, comprising senior HPCL officials and IIM-L faculties.
Earlier, L-INCUBATOR had received nearly 150 applications and after two rounds of screening, 12 applicants were shortlisted and invited for the pitching session, an IIM-L spokesperson informed.
The start-up proposals mainly pertained to the fields of artificial intelligence (AI), data analytics, Internet of things (IoT), solar energy, among others.
HPCL Executive Director Rakesh Misri said his organisation was committed to fostering new ideas in the energy sector and promoting entrepreneurship among the Indian youth.