NRL-T-Hub MoU to Promote iDEATION Program
Numaligarh Refinery Limited (NRL), a leading company based in Assam, has recently signed a Memorandum of Understanding (MoU) with T-Hub, India’s pioneering innovation ecosystem. This collaboration aims to foster business innovation and promote NRL’s flagship startup program, ‘iDEATION.’ The partnership between NRL and T-Hub is set to contribute to the development of a vibrant startup ecosystem and support the vision of an ‘Atmanirbhar Northeast and Atmanirbhar Bharat.’
Collaboration for Innovation and Growth
The MoU signifies the commitment of NRL and T-Hub to collaborate on various fronts, including business innovation and growth hacking strategies. T-Hub, renowned for its innovation-driven initiatives, aims to create a significant impact for startups, corporations, and other ecosystem stakeholders. Through this partnership, NRL seeks to leverage T-Hub’s expertise to further enhance the success of its startup program, ‘iDEATION.’
NRL’s Startup Program ‘iDEATION’
Launched in 2017, ‘iDEATION’ is NRL’s flagship startup support program. With a firm commitment to the ‘Startup India Initiative’ and the Ministry of Petroleum and Natural Gas (MoPNG), NRL has dedicated INR 10 Crores towards supporting startups. The program has witnessed remarkable success, with 44 startups receiving funding. These startups have collectively raised over INR 50+ Crore in external funding and generated more than 900 direct and 5000 indirect employment opportunities in the region.
Leveraging Emerging Technologies
NRL, in collaboration with T-Hub, aims to develop an emerging tech innovation cohort. This cohort will leverage cutting-edge technologies such as the Internet of Things (IoT), Blockchain, and Generative Artificial Intelligence (AI). By embracing these transformative technologies, NRL aspires to drive innovation, optimize processes, and explore growth opportunities in the energy transition scenario.
Specialized Hackathons for Growth
As part of their collaborative efforts, NRL and T-Hub will conduct specialized hackathons. These hackathons will focus on exploring growth opportunities in the evolving energy transition landscape. By bringing together bright minds, innovators, and industry experts, these events aim to foster creative problem-solving, collaboration, and the development of sustainable solutions.
NRL iDEATION Angel Fund
In alignment with the directives of MoPNG, NRL has successfully registered the ‘NRL iDEATION Angel Fund.’ This Category I Angel Fund, with a corpus of Rs. 35 Crore, is specifically designed to invest equity in early-stage startups. The fund’s objective is to empower entrepreneurs, convert job seekers into job creators, and promote industrialization in the northeast region.
Month: Current Affairs - May, 2023
Category: States Current Affairs