IOCL’s Leadership attends Workshop related to Startup Ecosystem at CIE@IIIT-HYDERABAD

Indian Oil Corporation, last year launched a Rs 30 crore start-up scheme (IndS_UP) to promote promising start-ups and nurture an eco-system conducive for innovations in the domestic hydrocarbons sect.

Hyderabad, January 02, 2018..... Over 30 top brass officialsfrom Indian Oil Corporation Ltd (IOCL)’s CorporateInnovation Council attendeda workshop recently at CIE@IIITH that explored various topics related to thestartup ecosystem.

The fullcouncil led by Dr. S. S. V. Ramakumar (board member of IOCL, Director R&D)was guided through the process of startup seeding, mentoring, acceleration andfunding. This was to help their leadership understand how corporate innovationprograms can be run, and how startups can be accelerated. Specifically fromcorporate innovation initiatives that come with well defined market problems and assured pilots in IOCL.  

Among otherthings, the workshop also discussed how deeply technology and research- basedstartups can be seeded through co-innovation and open innovation modelsbringing corporate, research institute and startups together.  

Speaking onthe workshop, Dr. S. S. V. Ramakumar, Director of R&D at IOCL said,“Given CIE@IIITH’s knowledge and experience in this domain, the workshop washighly informative. We hope to be able to translate some of these learningsinto our startup initiative.” 

Earlier in2017, IOCL launched IndS_UP,  a start-up scheme with a revolvingcorpus fund of Rs. 30 crore to promote promising start-ups and nurture aneco-system conducive for innovations in the domestic hydrocarbons sector. Thefirst cohort of 11 startups was shortlisted through a nationwide sourcingand selection process and CIE@IIITH had shared its best practices andexperiences, which helped IOCL structure its program. 

Prof P J Naryananan, Director,IIIT-Hyderabad said, “IIIT-Hyderabad has several initiatives underway to connectresearch with industry. We’re trying to help with innovation that solvesindustry specific problems.”

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