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AU Professor H Purushotham on Indian Oil Startup Committee

The Andhra University informed through press release that Prof Hanumanthu Purushotham DPIIT-IPR Chair of Andhra university has been Invited by Indian Oil Corporation to serve as a one of the nine external members of the Committee for evaluating applications received under Indian Oil Startup Scheme Round 3-Open Innovation Challenge. The Committee evaluates the eligible startup proposals and recommends to IOCl for funding. Indian Oil Corporation Limited, India’s flagship oil major has embarked upon promoting innovation eco-system in the country by providing Financial & Intellectual Support to Start-Ups in the Hydrocarbon domain, under Indian Oil Start-Up Scheme (Flagship programme of Ministry of Petroleum and Natural Gas ,Govt. of India).

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Lead by Indian Oil’s Research & Development Centre, based at Faridabad, the scheme aims to encourage innovative technology and business process re-engineering ideas with significant business potential and societal impact. In each round IOCL earmarked about Rs.30 Cr to invest in innovative Start-ups and in the first two rounds 24 start-ups have been provided grant in aid financial support and intellectual support. The uniqueness of the Indian Oil Start up Scheme is that it not only provides financial support to the start-up but also mentors and handhold the entrepreneur through its senior domain experts up to proof of concept, and its validation in the IOCL refineries and marketing outlets in required cases.

If the technology is found to be proven it ensures protection of the generated intellectual property and facilitate getting the required regulatory approvals for commercialization. The first right for commercial exploitation would however be with IOCL which is a big advantage for the start-up to market the product or service without much marketing effort. Prof PVGD Prasad Reddy the Vice Chancellor and Prof V. Krishna Mohan Registrar congratulated Prof Purushotham for being nominated as committee member of this prestigious programme of Indian Oil Corporation Ltd..

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