ONGC Startup Fund – Application Procedure

The Oil and Natural Gas Corporation Limited (ONGC) launched an Rs.100 crore startup fund in its diamond jubilee year to nurture, foster and incubate new ideas related to the gas and oil sector. The startup fund initiative is known as ‘ONGC Startup’. The ONGC startup is in line with the Government of India’s initiative ‘Startup India’. 

The official website of ONGC administers the ONGC Startup Initiative Fund. All updates about the ONGC Startup Fund is available on the official ONGC Startup Initiative website. The ONGC will provide the entire support chain for startups under this initiative, including hand-holding, seed capital, market linkage, mentoring and follow-ups.

The objective of the ONGC Startup Fund is to boost the contribution of fresh implementable ideas in the gas and oil sector and support potential early-stage ideas to impact the future of energy.

ONGC Startup Fund Vision

The vision of the ONGC Startup Fund is to build a sustainable ecosystem to foster innovation, strategic research, improve efficiency, enhance productivity and find solutions to problems. It envisages building a sustainable ecosystem by supporting ideas in processes and products through synergising national participation by startups in oil and gas businesses. The ONGC Startup Fund’s mission is to incubate, support and foster startups in the energy sector.

ONGC Startup Fund Features

• The ONGC Startup Fund initiative intends to incubate and nurture new ideas related to the energy sector to create an entrepreneurial mindset and fresh thinking amongst stakeholders, employees and the public to revitalise corporate culture.
• The ONGC intends to tie up with academic institutions for developing the best technological solutions in the interest of the nation and ONGC areas.
• The ONGC will assist the selected startup proposals with incubation until they reach the proof of concept stage, with intellectual and physical support.
• The ONGC will mentor, support and provide specific technical assistance in terms of testing or guidance on a need-basis.
• The ONGC Startup Fund disbursement will be based on the milestones achieved.
• The ONGC will aid in commercialising selected proof of concepts through equity participation.

Eligibility for ONGC Startup Fund

The eligibility criteria for assistance under the ONGC Startup Fund are as follows:

• It is open to all Indians and NRIs willing to work in India and undertake projects.
• The applicant can be a team or even an individual.
• The incubatees from the academic institutions having an incubation centre approved by the government or individuals duly accredited and associated can apply.
• An individual or team working in an incubation centre situated within an academic institute can also apply for this scheme. However, the bought-out technology will not be considered.

Eligibility of Projects

The ONGC Startup Fund targets high potential areas in the energy landscape. The ONGC Startup fund supports the projects in the following areas:

• The oil and gas sector.
• Robotics-off-shore installation.
• Underwater remote operated vehicle (ROV).
• Operational challenge.
• Data analytics or big data.
• Power and utility sector.
• Smart grid/micro-grids.
• Smart lighting.
• Energy storage.
• Clean-tech technologies.
• Traditional energy.
• Solar power.
• Alternative energy
• Wind-power.
• Biofuel.
• Hydrogen energy.

Application Procedure of ONGC Startup Fund

ONGC Startup Fund supports young entrepreneurs in the early stages of company development in the energy sector. The application procedure of the ONGC Startup Fund are as follows:

Step 1: Visit the official ONGC Startup Initiative website of the ONGC portal.

Step 2: Click on the ‘Apply Now’ button on the homepage. Currently, The ONGC is open to receiving applications from startups from the energy domain or sector for the eleventh round of selection under the ONGC Startup Initiative. 

Step 3: On the next page, click on the ‘Click here to Apply’ button.

Step 4: The application form will open. Fill all the details, such as company information, founder’s information, idea and area of business, and click on the ‘Submit’ button. 

Step 5: After submission of the application, the applicant will receive an acknowledgement on the registered email id and an SMS to the registered phone number.

Step 6: The projects for the initiative will be shortlisted based on the application received through the ONGC Startup Initiative website.

Step 7: The selected applications will be evaluated for the next round of funding pitches.

Step 8: After verifying the selected applications and their business plans, the applicants must present the business plan/pitch before the steering committee.

Step 9: After the presentation is completed, the steering committee will proceed to the final selection.

Step 10: The startups selected in the final selection will receive incubation, funding and mentoring support.

Benefits Provided Under ONGC Startup Fund

The ONGC provides the following mode of engagement for the startups:

Mode of Engagement	Description	Startup Stage
Accelerators	Building or ramping up startups	Early/late-stage
Angel Investments	Funding support to startup	Seed stage
Incubators	Mentorship and funding support	Seed stage
Collaborations/Partnerships	Guidance or mentorship to startup	Early-stage
Startup Network/Conferences	Discussions around energy challenges and theme	Early or late-stage
Challenges/Competition	Startup to propose comprehensive solutions	Seed or early-stage

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