BPCL has launched the start-up scheme to promote promising start-ups and nurture an eco-system conducive for innovations in the country. The scheme will support projects that aim to establish innovative technology and business process re-engineering ideas with significant business potential, social relevance and focussed on environment-protection.
The start-up scheme will be administered through this dedicated online portal and shall facilitate the community of technology and business-process innovators and entrepreneurs.
BPCL will support selected applicants in pursuing their promising re-engineering ideas to the stage of validated Proof of Concept (PoC) by way of funding of the incubation ecosystem and intellectual mentoring. Further BPCL would support in the acceleration post a PoC and also provide a suitable environment for commercialisation if found necessary.
As a first step, we call for ideas in all domains of Technology and Business Processes. The selected proposals shall be incubated with assistance from BPCL till they reach PoC stage, with the required physical and intellectual support. Besides financial support, mentor support and specific technical assistance in terms of guidance or testing on need-basis will be provided.
Funding will be provided over a period of 36 (thirty-six) months in installments against agreed/accepted milestones.
Fund disbursement will be based on the milestones achieved. No royalty will be charged on the funds disbursed under the scheme.
BPCL may further aid in the commercialisation of select validated PoCs through equity participation. Citizens of Indian origin willing to work in India besides individuals affiliated to academic institutions having incubation centres approved by the Central Government, or intrapreneurs from BPCL can apply under the scheme.
We are hopeful that the start-up scheme will promote collaborative research, develop a vibrant & innovative ecosystem, nurture innovation & entrepreneurship, boost start-ups with rural orientation, and open up avenues for young employees of the Corporation to launch start-up projects.
Bharat Petroleum Startup Program will support young entrepreneurs through the early stages of their company development in the Energy Sector. A brief of the process is mentioned here: