IIM Lucknow and HPCL Collaborate to Support Start-ups

Hindustan Petroleum Corporation Limited or HPCL and Indian Institute of Management, Lucknow have collaborated to incubate start-ups and innovative ideas in the energy sector. For this purpose, a Memorandum of Understanding was signed between HPCL and Enterprise Incubation Centre of IIM Lucknow. Through this programme, any student or alumni of IIM Lucknow who comes up with an innovative idea for establishing a start-up will be supported under this initiative. On July 22, 2017, various aspirants gave presentations on their innovative ideas.

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The Enterprise Incubation Centre of IIM Lucknow had received around 150 applications. After the two rounds of screening and scrutiny, the Incubation Centre has shortlisted twelve applications. IIM Lucknow invited all these twelve applicants for pitching session. Members of HPCL were present during the pitching session. The shortlisted proposals covered areas such as solar energy, Internet of Things (IoT), data analytics and artificial intelligence.

Through this collaboration, all the selected startups will be provided with a seed investment and incubation facilities at Enterprise Incubation Centre of IIM Lucknow.

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Executive Director of HPCL indicated that the company was committed to incubating new ideas in the energy sector. The major objective is to promote entrepreneurship among the youth. The collaboration will play a significant role in promoting the startup ecosystem in India.

The current Enterprise Incubation Centre is located in the Noida campus of IIM Lucknow. However, IIM Lucknow is in plans to establish an incubation and research centre for promoting innovation and research projects as well. The SIDBI or Small Industries Development Bank of India has agreed to grant Rs. 3.5 crore for setting up the incubation centre.