Innovations Current Affairs

Start-up Sangam Initiative: Oil companies to back 30 start-ups with Rs 320-crore fund

Ministry of Petroleum and Natural Gas launched Start-up Sangam initiative to develop new business models, marketing plans, technology and innovations in heavy oil and gas industry sector by supporting 30 start-ups.

For the same, 10 oil and gas PSUs have setup Rs. 320-crore venture capital fund to encourage start-ups based on innovative ideas in the energy sector.

Key Facts

The corpus was created by contributions from India Oil Corporation (IOL), ONGC, Engineers India, Oil India, Numaligarh Refinery, Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HP), GAIL), Balmer Lawrie and Mangalore Refinery and Petrochemicals.

The selected start-ups will work in various fields related to energy such as converting waste plastics to petroleum fuels, multipurpose fuel from agricultural waste biomass, solar stove and leak detectors for liquefied natural gas (LNG) cylinders, Self – sustaining low-maintenances toilets or eco-toilets and Remotely Operated Vehicles (ROVs) for underwater inspections.

Start-ups in technology field will get 30 months to submit proof of concept whereas start-ups with business ideas will be given 18 months. These oil and gas PSUs will buy out these projects submitted by selected startups in given time frame based on merit to do more innovations.

Month: Categories: India Current Affairs 2018

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Gujarat Government launches India’s first Student Startup and Innovation Policy

Gujarat government launched India’s first student startup and innovation policy with an aims to provide Rs 200 crore in the form of grants to ideas developed by students/

The policy aims to support over 1,000 innovation per year in the state and create pre-incubation support in all universities of the state.

Key Facts
  • The policy will encourage the students from the state to undertake innovative projects related to society, industries, and community instead of conventional academic projects.
  • It will support student-led startups and innovations as well as create an Innovation and Pre-incubation Ecosystem Support (IPIES) across all universities of the state.
  • Under the pre-incubation support, help will be provided to students to convert their ideas from proof of concept (PoC) upto minimum viable proto-type (MVP) and also providing support for patent filing.
  • The policy has been developed under the aegis of Education Department and state government will provide Rs 200 crore as State Innovation Fund (SIF) during the next five years.
  • Of the Rs 200 crore SIF, Rs 100 crore will be allocated by the state government and the remaining amount will be created by internal sources, like university funds and CSR funds. 

Earlier in 2015, Gujarat Government had unveiled startup-assistant scheme, as part of Gujarat Industrial Policy and in 2016 also had launched Information Technology Startup Policy.

Month: Categories: States Current Affairs - 2018

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