An MoU was signed vetween IIM - Lucknow and Hindustan Petroleum Corporation Limited on innovative ideas and startups.

The Indian Institute of Management, Lucknow (IIM-L) and Hindustan Petroleum Corporation Limited (HPCL) have joined hands to incubate innovative ideas and start-ups in the energy sector.

An MoU in this connection was signed at Enterprise Incubation Centre (Lucknow-incubator) of IIM-Lucknow, Noida campus, on July 22.

Students of IIM-Lucknow and its Noida campus, IIM alumni and any graduate who comes up with a brilliant idea for a start-up will be supported under the programme.

Aspirants made presentations before the steering committee comprising executive director, HPCL, Rakesh Misri, GM, HPCL, Sanjay Kumar, senior manager, HPCL, Shantanu Mohinta, managing director of Lucknow-incubator Prof M Akbar, investors Dhianu and Arun Agarwal, and vice-president, Lucknow-incubator, IIM-L, S Rounaque Mustafa.

The Lucknow-incubator of IIM-L had received about 150 applications. After two rounds of screening, 12 applicants were shortlisted and invited for pitching session.

The proposals covered areas such as artificial intelligence, data analytics, internet of things (IoT) and solar energy.

The selected start-ups will be provided seed investment and incubation at IIM-L’s Lucknow-incubator.

HPCL’s executive director said his company was committed to fostering new ideas in energy sector and promoting entrepreneurship among the youth. He emphasised on the significance of the MoU.

Lucknow-incubator’s MD Prof M Akbar hailed HPCL for bringing the start-up programme to Lucknow-incubator.

“The agreement will unlock the unlimited and undeniable potential of the start-up ecosystem in India and translate into major impact for the economy as a whole,” he said.

The IIM-L will soon set up an incubation and research centre to promote innovative projects and research on its campus.

“Anybody who comes with a viable proposal for setting up an innovative project, the IIM-L will support it and will help in transferring technology to the industry,” director, IIM-L, Ajit Prasad had earlier told Hindustan Times.

The Small Industries Development Bank of India (Sidbi) has agreed to give Rs 3.5 crore for the incubation centre.