Unlocking a huge potential for start-ups, Indian Institute of Management-Lucknow (IIM-L) and Hindustan Petroleum Corporation Limited (HPCL) have inked a Memorandum of Understanding (MoU) to together incubate innovative ideas in energy sector.

Signed on Startup Pitch Day at Noida campus of IIM-L Enterprise Incubation Centre (L-Incubator), the MoU ties-up the two organisations to incubate domestic energy sector start-ups and facilitate with seed funding.

Appreciating the initiative of HPCL for bringing their start-up program to IIML, L-Incubator Managing Director M Akbar said, “This agreement will unlock the unlimited and undeniable potential of the start-up ecosystem in India and will majorly impact the economy as a whole.”

12 short-listed start-ups, after the screening of earlier received 150 applications, have pitched their innovative ideas to the steering committee constituted for this purpose. The committee comprised senior representatives from both HPCL and IIM-L, investors and experts.

“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,” said HPCL Executive Director Rakesh Misri.

The L-Incubator houses and nurtures business start-ups and provides them with seed funding, office space, mentorship, as well as intensive and extensive trainings. The ideas proposed by start-ups to the committee are basically from the fields of artificial intelligence (AI), data analytics, Internet of things (IoT), solar energy, etc.