What is ONGC Startup Fund? How will it help young entrepreneurs?

ONGC Start up Fund

ONGC recently launched a website dedicated to start-ups at the Petrotech 2016 event presided over by Hon’ble Minister of State (MoS) for Petroleum and Natural Gas Dharmendra Pradhan. This dedicated website was developed under a strict timeline by the internal communication team of ONGC, with support from Corporate Infocom.  The website, which was created for ONGC Startup Fund, will offer a unique opportunity and platform for entrepreneurs, who have innovative business ideas in the Energy Sector. ONGC Startup Fund will incubate and support those entrepreneurs and start-ups operating in Oil and Gas sector.

Earlier, in August 2016, at the Diamond Jubilee year celebration of ONGC, the company had launched a Rs. 100 crore start-up fund to foster, nurture and incubate new ideas in Oil & Gas sector. The fund is in line with the government’s initiative to boost entrepreneurship in the country under the ‘Start-up India’ campaign.

ONGC has 3 main objectives behind forming ONGC Startup Fund:

  • It will help ONGC to have better industry-academia partnership to develop the best technological solutions in the interest areas of ONGC and the nation
  •  ONGC intends to incubate innovative ideas related to the energy sector to create an entrepreneurial mindset and fresh thinking amongst employees, stakeholders and public for fortifying corporate culture.
  • Industry and technology, both are progressing at a very rapid pace and hence the collaboration with start-ups will help ONGC to keep abreast with the latest technology.

Aspiring and competent entrepreneurs will be able to submit their ideas through the website and seek funding and mentoring support from ONGC. The interactive website also provides elaborate details about the procedure, focus and methodology for start-ups applying to this fund. The website contains all relevant information, including contact details of the ONGC Startup Cell.

Four phases of supporting meritorious start-ups:  

ONGC’s startup program will help young entrepreneurs through the early stages of their company development in the Energy Sector. A brief of the four phases are as per the pictorial below –

ONGC Start-up Fund