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IIM Lucknow’s L-Incubator, ONGC sign MoU

L-Incubator would act as the incubation body to support and promote energy sector startups funded by ONGC, officials said.

education Updated: Mar 22, 2018 17:40 IST
Rajeev Mullick
Rajeev Mullick
Hindustan Times, Lucknow
IIM Lucknow,L-Incubator,ONGC
IIM-L Enterprise Incubation Centre or L-Incubator has signed a MoU with ONGC to support India’s top explorer’s recent initiative of a start-up fund.(HT photo)

Indian Institute of Management-Lucknow’s (IIM-L) Enterprise Incubation Centre or L-Incubator on Monday signed a memorandum of understanding (MoU) with Oil and Natural Gas Corporation Ltd (ONGC) to support India’s top explorer’s recent initiative of a start-up fund.

Officials said the ONGC’s program will not only solve the funding challenges of startups but will also open the door for them to work with corporates, seek various support and further market access.

L-Incubator would act as the incubation body to support and promote energy sector startups funded by ONGC, they added.

“I’m really excited about the change in approach and efforts by the energy giants like ONGC towards developing the startup ecosystem and hope these engagements capture the existing gaps in the current offerings to startups,” managing director of L-Incubator Prof Akbar said.

Rakesh Sharma and Roopesh Kumar of ONGC said their partnership was something which startups would look forward to, enjoy the brand equity and appreciate the amazing support.

The MoU was signed at L-Incubator’s Noida campus in the presence of officials of ONGC and IIM Lucknow.

Early this month, the L-Incubator signed a pact with The Energy Resource Institute (TERI) to work towards nurturing startups with a focus on the energy sector.

L-Incubator, was set up in 2013 in Lucknow and transferred to Noida in 2016, was founded with the aim to seek and assist entrepreneurial talent in Delhi and the National Capital Region.

First Published: Mar 22, 2018 17:39 IST