Numaligarh Refinery Ltd's (NRL) second edition of 'Ideation-2018', aimed at promoting startup ecosystem in the North East, has been launched and innovators have been urged to submit their proposals.
"The platform 'Ideation' has been created for selection of startups for funding that have the potential to grow in the future and proposals for this year can be submitted till April 30 next," NRL Managing Director S K Barua told reporters here today.
A fund of Rs 10 crore has been earmarked for investment in selected startups, primarily from the North East, over a period of three years, he said.
"It has been seen that funding for startups is primarily concentrated in NCR (National Capital Region) and Bengaluru with many innovators from the North East doing extremely well in various sectors outside the region," Barua said.
NRL's Ideation initiative is an attempt to reduce the disparity in funding of startups in the region and help young innovators and create an ecosystem from the region, he added.
The startup proposals are invited for seed funding, early stage funding and scale up funding.
NRL has taken another initiative this year to encourage and motivate young entrepreneurs from the university and college campuses by organising a series of startup boot camps.
The Ideation team visited IIT Guwahati, Assam Engineering College, Gauhati University, Jorhat Engineering College, Dibrugarh University, Assam Agriculture University and Kaziranga University, Barua added.
The Ideation initiative was launched last year with 362 proposals submitted and finally four startups were selected for a total funding of Rs 1.29 crore.
Another startup, Arohan AgriScience, was funded by NRL to develop a low-cost, composite material from bamboo and hyacinth for construction of flood resistant enclosures for livestock.
The fourth, Deroi Tea, was selected to build a prototype of an innovative tea dryer to enhance tea quality.
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