ONGC Startup Fund
ONGC Startup Fund
ONGC Startup Fund aims to develop a supportive ecosystem that nurtures entrepreneurship in the country by supporting worthy ideas, innovation, products and processes that have the potential to grow into startups. This is an important opportunity for all Indian innovators and entrepreneurs to turn their dreams and ideas into reality. Oil and Natural Gas Corporation 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, intellectual mentoring and nurturing. ONGC has introduced this scheme as part of the Government of India’s initiative ‘Start-up India‘. In this article; we will look at the ONGC Startup Fund in detail.
Know more about the Sarothi – Startup Loan Scheme
Objective of ONGC Startup Fund
The objective of the ONGC Startup fund is to increase the contribution of fresh implementable ideas in the oil and gas sector and to support early-stage ideas with the potential to impact the future of energy.
Features of ONGC Startup Fund
As a first step, ONGC will call for ideas in all domains of Technology and Business Processes.
- 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.
ONGC Startup Fund Mission
The mission of ONGC Startup fund mission is to support, incubate and foster Startup in the energy sector.
ONGC Startup Fund Vision
The vision of ONGC Startup fund is to build a sustainable eco-system to promote strategic research, enhance productivity, innovation, improve efficiency and to find solutions to problems by supporting ideas in products and processes through synergising national participation by Startup in ONGC area of business.
ONGC Startup Fund Scheme will be administered through the official website of Oil and Natural Gas Corporation (ONGC Startup). Updates about this Startup scheme will be available on the ONGC Startup portal.
The eligibility criteria to obtain assistance under the ONGC start fund Scheme is listed as follows:
- ONGC Startup Scheme is open for all Indians, including the NRIs who are willing to work in India and undertake projects.
- The applicant can be an individual or team
- Incubatees from the academic institutions having incubation centre approved by the Government or individuals associated and duly accredited can apply
Note: Individual or team working in the incubation centre located within the academic Institutes will also be permitted for ONGC. No bought-out technology will be considered.
Criteria For Projects
General Nature of Projects Supported by the ONGC Startup fund is given in detail here. The ONGC Startup fund is targeting the high potential areas in the energy landscape:
- 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
- Wind Power
- Hydrogen Energy
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
Project Proposal for Innovation Challenges
The projects proposed for the following titles are invited through the Innovation Challenges
- Artificial lifting Equipment” for Horizontal Wells (including the ESP Pump for horizontal wells)
- Flow Improvement in Crude oil pipelines
- Data Computation and Analytics
- Sand Influx Control during the production of Oil & Gas
Supports From ONGC
The ONGC provides the following mode of engagement for Startup :
|Mode of Engagement||Description|
|Accelerators||Building up the Startup||Early/Late Stage|
Guidance/ mentorship to Startup
|Competition/ Challenges||Startup to propose comprehensive solutions||Seed / Early Stage|
|Conferences/ Startup Network||Discussions around Energy theme and challenges|
Early / Late Stage
|Incubators||Mentorship and funding support||Seed Stage|
|Angel Investments||Funding support to Startup||Seed Stage|
ONGC Startup Fund Application Procedure
ONGC Startup Fund will support young entrepreneurs through the early stages of the company development in the Energy Sectors. ONGC Startup Fund Application Procedure is explained in detail here:
Step 1: The eligible applicants will have to apply through an online application form available on the official website of ONGC portal.
Note: The application process for the fifth round of selection for Startups has been closed on 15th April 2019″. The application process for the 6th round shall commence in about 15 days.
Step 2: Upon submission of applications, the candidate will receive an acknowledgement on his registered email and an SMS to the registered phone number.
Step 3: The projects will be shortlisted based on the application received through ONGC Startup portal.
Step 4: The selected application will be evaluated to decide the first cut off
Step 5: The application and business plan will be verified, and the applicant will have to present the business plan before the steering committee.
Step 6: Once the presentation is completed, the committee will proceed with the final selection.
Finalisation of term Sheets will be verified, and joint incubation and investment programme agreement with selected Startups will be carried out.
For any query, you can send an e-mail to [email protected]