NRL Launches iDEATION 2018, the 2nd Edition of its Startup Funding Program
Numaligarh Refinery Limited (NRL) has taken an initiative to support aspiring entrepreneurs, innovators and startups of Northeast India and build a startup eco-system in this region. iDEATION is the platform created by NRL for selection of startups for funding that have the potential to grow in the future. NRL has earmarked a fund of Rs 10 Cr to be invested in selected startups, primarily from the NE region, over a period of three years. NRL launched its second edition of startup selection and funding program iDEATION 2018 in February 2018. The official website, www.ideation.nrl.co.in, is now open for submission of startup proposals till 30th of April’18.
NRL’s maiden initiative iDEATION 2017 was launched last year on 4th of July’2017 at Guwahati. NRL received an overwhelming response with submission of 362 startup proposals. The entire process of selection of startups for funding was completed by December 2017. An independent panel of jury with members closely associated with the startup ecosystem of the country conducted the selection process. Four startups were finally selected for a total funding of Rs.1.29 crores last year.
Two of the selected startups, Parking Rhino, an online parking solution provider; and Auto Movill, an aggregator of multi brand car servicing have already launched their business operation in Guwahati with funding from NRL to scale up their operations in the NE region. Another startup, Arohan Agri Science was funded by NRL to develop a low cost composite material from bamboo and hyacinth for construction of flood resistant enclosures for livestock. The fourth startup, Deroi Tea, was selected to build a proto-type of an innovative Tea Dryer which will enhance the quality of tea.
To encourage and motivate young entrepreneurs particularly from the student community in university and college campuses, NRL organized a series of startup boot camps. Startup boot camps, titled as “#OutOfSyllabus” were organized in various campuses from 8th March to 14th March’18. Rohit Radhakrishnan, CEO of Openfuel was invited to conduct the boot camps.
The iDEATION team visited IIT Guwahati, Assam Engineering College, Gauhati University, Jorhat Engineering College, Dibrugarh University, Assam Agriculture University and Kaziranga University. NRL’s Director (Technical), Bhaskar Phukan and Chief General Manager (Technical), Nikunja Borthakur also visited some of the campuses to share their professional experiences and encourage students to take entrepreneurship as a career option. Around 600 to 700 students participated in the boot camps. Students and faculty members present during the boot camps shared and discussed their thoughts, ideas, and apprehensions on taking an entrepreneurial journey through startups.
Students submitting their startup proposals