BPCL Start-Up Scheme
BPCL Start-Up Scheme
BPCL Start-Up Scheme aims to develop a supportive ecosystem that nurtures entrepreneurship in the country by supporting innovative ideas and concepts that have the potential to grow into start-ups. This is a vital opportunity for all Indian innovators and entrepreneurs to turn their dreams and ideas into reality. Bharat Petroleum Corporation Limited will support the entrepreneurs in pursuing the ideas to the stage of validated Proof of Concepts (PoC) by way of funding of the incubation ecosystem and intellectual mentoring. Further BPCL will support in the acceleration post a PoC and also provide a suitable environment for commercialisation. In this article, we will look at the BPCL Start-Up Scheme in detail.
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Objective of the BPCL Start-Up Scheme
The primary objective of the BPCL Start-Up Scheme is to promote collaborative research and to develop a vibrant and innovative ecosystem.
- To provide support for disruptive technologies
- To catalyse collaborative research
- To develop a vibrant, innovative ecosystem
- To nurture technological innovation and Intrapreneurship
- To encourage the promotion of startups in rural areas and technology with a rural orientation.
- To open up avenues for young employees of the Corporation to launch start-up projects.
Features of BPCL Start-Up Scheme
- As a first step, BPCL will call for ideas in all domains of Technology and Business Processes.
- The selected proposals will be incubated with assistance from BPCL until they reach the PoC stage, with the required physical and intellectual support.
- Mentor supports and specific technical assistance in terms of guidance or testing on need-basis will be provided by the BPCL.
- Fundings will be provided over a period of thirty-six months in instalments against agreed milestones.
- BPCL Start-Up Scheme fund disbursement will be based on the milestones achieved, and no royalty will be charged on the funds disbursed under the BPCL Start-Up Scheme.
- BPCL will further aid in the commercialisation of select validated PoCs through equity participation.
The eligibility criteria to obtain financial assistance under the BPCL Start-Up Scheme is listed as follows:
- BPCL Start-Up Scheme is open for all Indians, including the NRIs who are willing to work in India and undertake projects.
- The applicant may be individuals or teams
- Incubatees from academic institutions having incubation centre approved by the Government of India or individuals associated and duly accredited will be eligible
- Note: Individuals or teams working in the incubation centres located within the academic Institutes will also be permitted. No bought-out technology will be considered.
BPCL Start-Up Scheme will be administered through the official website of Bharat Petroleum Corporation Limited Start-Up Scheme. Updates about this scheme will be available on the BPCL ebiz portal.
Note: IP rights emerging from the work carried out under the BPCL Start-Up scheme can be retained by the innovator or entrepreneur. The first right of refusal for the commercialisation of any validated PoC will be with Bharat Petroleum Corporation Limited. The commercial production or application based on the PoC has to be set up within India.
Criteria For Projects
General Nature of Projects Supported by the BPCL Start-Up Scheme Fund is given in detail below:
- The preference will be provided to projects related to process innovation with significant business potential, social relevance or focused on the issue of environment-protection
- Projects proposal related to the technology or business process re-engineering in the oil industry is eligible for BPCL Start-Up Scheme
- Alternative operating solutions for various domains of BPCL business will also be considered Establishing or validating the proof-of-concept for a technology process re-engineering ideas
- Projects aimed at technology de-risking, i.e., reducing uncertainties can also apply for BPCL Start-Up Scheme
- Projects related to the development of zero waste, no waste, minimum waste generation
Duration of the Project
The duration for the Technical Process Re-Engineering (TPRE) project is 36 months and for the Business Process Re-engineering (BPRE) is 12 to 18 months.
Note: Each project proposal will be evaluated and a reasonable time frame will be assessed based on the scope and complexity of the projects.
Limits for Projects Submission
There are no limits for a number of projects to be submitted. However, only one project will be selected based on the evaluation criteria.
BPCL Start-Up Scheme Application Procedure
BPCL StartUp Scheme will support young entrepreneurs through the early stages of the company development in the Energy Sectors. BPCL Start-Up Scheme Application Procedure is explained in detail below:
Step 1: The applicants will have to apply through an online application form available on the BPCL portal.
Step 2: The new applicants will have to register in the BPCL portal for applying the BPCL Start-Up Scheme.
Note: Receipt of new applications has been halted until further notice. The applicant can get the updates from this BPCL ebiz portal.
Step 3: Upon submission of application, the candidate will get an acknowledgement on his/her registered email and an SMS to the registered mobile number.
Step 4: The projects will be shortlisted based on the application received through BPCL start-up portal.
Step 5: The selected applicant will be evaluated to decide first cut off
Step 6: The application and business plan will be verified, and the applicant will have to present his/her business plan.
Step 7: Once the presentation is completed, the committee will proceed with the final selection.
The applicant needs to access the BPCL StartUp – ebiz portal. From the home page, click on the application Status option. The link will redirect to login page. By login to the portal, you can get the status of the application.