Startups

Numaligarh Refinery launches $1.5mn fund to promote startups in Northeast

Numaligarh Refinery Limited, a public sector oil company in Assam now has decided to foster the entrepreneurial culture. The company has launched ‘IDEATION 2017’ start-up initiative with an initial $1.5 Mn fund to support entrepreneurs in Northeast India including all eight states Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Tripura and Sikkim.

Numaligarh Refinery launches $1.5mn fund to promote startups in Northeast

“The initiative ‘IDEATION 2017’ aims to focus on prospective entrepreneurs from the region by selecting promising ideas and assisting them to grow,” NRL’s Managing Director P Padmanabhan said during the launch in Guwahati on Tuesday.

The initiative is in line with NRL’s Corporate Vision and Mission of providing an impetus to the development of the region, he further added.

To carry forward the initiative, IDEATION 2017 contest has been announced for selection of innovative ideas in the domain of technology, product innovation and business process improvement.

“The fund from NRL will be provided to startups as a grant. Startups will undergo an evaluation process to assess if the project requires seed funding, scale up funding or any other assistance. For the same, the company will tie up with an incubation centre”, said General Manager (technical) Numaligarh Refinery Limited, Nikunja Borthakur.

The company is also looking to reach out to educational institutions, to spread awareness about the programme. Submission of online application will be available till 15-Aug-2017. Follow the link if you want to submit your business idea for evaluation.

If a source to be believed, The Assam government is in the process of formulating a Startup policy and will soon come up Startup Innovation Centre in the state.

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