The Oil and Natural Gas Corporation Limited (ONGC) launched an Rs.100 crore startup fund in its diamond jubilee year to nurture, foster and incubate new ideas related to the gas and oil sector. The startup fund initiative is known as ‘ONGC Startup’. The ONGC startup is in line with the Government of India’s initiative ‘Startup India’.
The official website of ONGC administers the ONGC Startup Initiative Fund. All updates about the ONGC Startup Fund is available on the official ONGC Startup Initiative website. The ONGC will provide the entire support chain for startups under this initiative, including hand-holding, seed capital, market linkage, mentoring and follow-ups.
The objective of the ONGC Startup Fund is to boost the contribution of fresh implementable ideas in the gas and oil sector and support potential early-stage ideas to impact the future of energy.
Features of ONGC Startup Fund
- ONGC intends to nurture and incubate new ideas relating to the oil sector to create an entrepreneurial mindset and fresh thinking amongst employees, stakeholders and the public for revitalising corporate culture.
- The industry and technology are progressing at a very rapid pace, and it is vital for ONGC to keep abreast with the latest technologies.
- ONGC intends to tie up with the academic institutions to develop the best technological solutions in the interest areas of ONGC and the nation.
- The selected Startup proposals will be incubated with assistance from ONGC until they reach the PoC stage, with physical and intellectual support.
- The ONGC will provide mentor supports and specific technical assistance in terms of guidance or testing on need-basis.
- ONGC Startup Scheme fund disbursement will be based on the milestones achieved, and no royalty will be charged on the Startup funds disbursed under the ONGC Startup Scheme.
- ONGC will further aid in the commercialisation of select validated PoCs through equity participation.
Eligibility for ONGC Startup Fund
The eligibility criteria for assistance under the ONGC Startup Fund are as follows:
- It is open to all Indians and NRIs willing to work in India and undertake projects.
- The applicant can be a team or even an individual.
- The incubatees from the academic institutions having an incubation centre approved by the government or individuals duly accredited and associated can apply.
- An individual or team working in an incubation centre situated within an academic institute can also apply for this scheme. However, the bought-out technology will not be considered.
Eligibility of Projects
The ONGC Startup Fund targets high potential areas in the energy landscape. The ONGC Startup fund supports the projects in the following areas:
- The oil and gas sector.
- Robotics-off-shore installation.
- Underwater remote operated vehicle (ROV).
- Operational challenge.
- Data analytics or big data.
- Power and utility sector.
- Smart grid/micro-grids.
- Smart lighting.
- Energy storage.
- Clean-tech technologies.
- Traditional energy.
- Solar power.
- Alternative energy
- Wind-power.
- Biofuel.
- Hydrogen energy.
Criteria For Projects
- Oil and Gas Sector
- Underwater Remote Operated Vehicle (ROV)
- Robotics-off-shore Installation
- Data Analytics or Big Data
- Operational Challange
- Power and Utilities Sector
- Data Analytics
- Smart Grid/Micro-Grids
- Energy Storage
- Smart Lightning
- Traditional Energy
- Clean-tech Technologies
- Alternative Energy
- Solar Power
- BioFuel
- Wind Power
- Hydrogen Energy
Application Procedure of ONGC Startup Fund
Step 1: Visit the official ONGC Startup Initiative website of the ONGC portal.
Step 2: Click on the ‘Apply Now’ button on the homepage. Currently, The ONGC is open to receiving applications from startups from the energy domain or sector for the eleventh round of selection under the ONGC Startup Initiative.
Step 3: On the next page, click on the ‘Click here to Apply’ button.
Step 4: The application form will open. Fill all the details, such as company information, founder’s information, idea and area of business, and click on the ‘Submit’ button.
Step 5: After submission of the application, the applicant will receive an acknowledgement on the registered email id and an SMS to the registered phone number.
Step 6: The projects for the initiative will be shortlisted based on the application received through the ONGC Startup Initiative website.
Step 7: The selected applications will be evaluated for the next round of funding pitches.
Step 8: After verifying the selected applications and their business plans, the applicants must present the business plan/pitch before the steering committee.
Step 9: After the presentation is completed, the steering committee will proceed to the final selection.
Step 10: The startups selected in the final selection will receive incubation, funding and mentoring support.
FAQs
ONGC Startup Fund Vision?
The vision of the ONGC Startup Fund is to build a sustainable ecosystem to foster innovation, strategic research, improve efficiency, enhance productivity and find solutions to problems. It envisages building a sustainable ecosystem by supporting ideas in processes and products through synergising national participation by startups in oil and gas businesses. The ONGC Startup Fund’s mission is to incubate, support and foster startups in the energy sector.
ONGC Innovation Challenge?
The application for the ONGC Startup Fund is invited through the ONGC innovation challenge. The ONGC innovation challenge aims the following primary considerations:
- Improve the operational efficiency of surface infrastructure such as pipelines
- To Enable higher productivity from oil and gas wells
- To enhance trouble free producing life of the oil and gas producing well
- To improve higher recovery from oil and gas reservoirs
- Deeper and collated insights into the knowledge and information gathered on reservoirs