IIM-L signs MoU with HPCL

July 22, 2017: Times of India

LUCKNOW: The Indian Institute of Management, Lucknow's incubation center L-Incubator and Hindustan Petroleum Corporation Limited entered into a MoU to work together for incubating innovative ideas and business start-ups in the energy sector. L-Incubator houses and nurtures business startups and provides them with seed funding, office space, mentorship, as well as intensive and extensive trainings.

IIML received close to 150 applications seeking assistance for a start-up. After two rounds of screening, 12 applicants were shortlisted and invited for the pitching session on July 22 where these startups made presentations before the steering committee, comprising of HPCL executive director (ED) Rakesh Misri, HPCL general manager Sanjay Kumar, managing director, L-Incubator Prof M Akbar and various other experts and investors.

The proposals received at IIML were in the areas of artificial intelligence, data analytics, solar energy and others. It is envisaged that the selected start-ups shall be seed invested and incubated at IIML.

Delighted to see quality applicants and innovative startup ideas, HPCL ED Misri said, "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."

L-Incubator MD Akbar while appreciating the initiative of HPCL for bringing their startup program to IIML said, "This agreement will unlock the unlimited and undeniable potential of the startup ecosystem in India and translate into major impact for the economy as a whole."