In a step to foster news ideas and innovations, the Indian Institute of Management, Lucknow (IIM-L) and Hindustan Petroleum Corporation Limited (HPCL) have signed an MoU.
The MoU was signed during Startup Pitch Day at the Noida campus of IIM-L. It’s a strategic partnership, which aims to incubate innovative ideas and business start-ups in the domestic energy sector.
Under the tie-up, the shortlisted start-ups will be able to avail seed funding, mentorship, trainings and will be incubated at IIM-L Enterprise Incubation Centre (L-INCUBATOR). The applications of start-ups were received mainly showing interest in the fields of artificial intelligence (AI), data analytics, Internet of things (IoT), solar energy, among others.
IIM-L received nearly 150 applications and after two rounds of screening, 12 applicants were shortlisted and invited for the pitching session, said IIM-L spokesperson.
The selected start-ups made presentations before steering committee comprising of HPCL and IIM-L faculties.
On the occasion, L-Incubator MD Akbar appreciating the start-up programme of HPCL said, “This agreement will unlock the unlimited and undeniable potential of the start-up ecosystem in India and will impact the economy as a whole.”
On this, HPCL Executive Director Rakesh Misri stated: “We are committed to foster new ideas in energy sector and promote entrepreneurship among the Indian youth. The MoU will play a vital role in promoting start-ups.”
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