Another feather added in IIML-Incubator's Cap, signed MoU with ONGC

New Delhi, March 19, 2018

L-Incubator, IIM Lucknow, collaborated with Oil and Natural Gas Corporation Ltd. (ONGC), adding a new feather to the cap, the ongoing Energy Sector Collaborations of IIML-Incubator IIM Lucknow. Both the entities mutually agreed and signed Memorandum of Understanding (MoU) to work together for promoting startups. The current partnership would be a support initiative of IIML-Incubator towards ONGC’s recent initiative of ‘ONGC Start-up Fund’.

The MoU signing ceremony took place at IIML-Incubator IIM Lucknow, Noida Campus, attended by officials of ONGC and IIML-Incubator IIM Lucknow.  Prof. Akbar MD and Rounaque Mustafa, VP, IIML-Incubator, Roopesh Saran, DGM, ONGC, Rakesh Sharma, DGM, ONGC, were present during the event.

The ONGC startup program will not only solve the funding challenges of startups but will also open the door for startups to work with corporates and seek various supports such as PoC, Pilot and further market access. IIML-Incubator IIM Lucknow would act as the Incubation support body to support and promote energy sector startup funded by ONGC.

Prof. Akbar expressed, ‘’I am really excited about the change in approach and efforts by the energy giants like ONGC towards developing the startup ecosystem, and hope these engagements capture the existing gaps in the current offerings to startups’. 

Sri Rakesh Sharma and Sri Roopesh Kumar of ONGC were glad to begin this journey, ‘ONGC and IIML-Incubator’s partnership, is something which startups would look forward to, enjoy the brand equity and amazing support.