The Start-up scheme of Hindustan Petroleum Corporation Limited (HPCL), is a program to enable innovators and entrepreneurs pursue a promising idea, establish and validate proof of concept (POC) and support commercialization. HPCL wishes to help innovators and entrepreneurs or projects having established proof of concept (POC) to eventual commercialization / implementation.
Nature of Projects
The following are the kind of projects that will be supported under this fund:
- Projects that propose a process / product innovation with significant potential impact or commercial potential.
- Projects with clear technology objectives.
- Projects focused on establishing or validating proof-of-concept for an innovative idea.
- Projects aimed at technology de-risking i.e. reducing uncertainties in the technology.
- Projects focused on generating and providing the scientific data needed to demonstrate an idea to potential licensors/ investors, etc.
- Innovative ideas present or future, allied / ancillary areas of business areas which are of relevance to HPCL’s line of business / petroleum industry / future areas of the industry.
- The Individual should be an Indian citizen including NRIs who are willing to work in India and undertake projects promising innovative technologies/solutions.
- Group of Individuals meeting above condition can also apply. The primary applicant must be the project leader
- If the applicant is formally employed (or registered as a student) with a non-profit academic or research organization, then
the applicant has to produce a No Objection Certificate (NOC) from the head of the organization clearly indicating that the organization has policies in place to allow the applicant to accept funding support (if successful) as an individual and undertake HPCL projects or alternatively, has policies in place to allow its employees to create entrepreneurial ventures while in service or while in sabbatical leave or while in EOL (extra-ordinary leave).
Alternatively, the applicant needs to provide an undertaking that he / she plans to terminate his association with the current employer and take up the project full time in the event of a HP startup fund approval. A resignation / relieving / retirement letter will be needed as supporting document before final approval and release of the fund.
If the applicant is formally employed with a for- profit company,
the applicant needs to provide an undertaking that he / she plans to terminate his association with the current employer and take up the project full time in the event of a HP startup fund approval. A resignation / relieving / retirement letter will be needed as supporting document before final approval and release of the fund.
The Company should be registered under the Indian Companies Act, 1956/2013.
- A company is considered as ‘Owned’ by resident Indian citizen if minimum 51% of the capital in it is beneficially owned by resident Indian citizens and / or Indian companies, which are ultimately owned and controlled by resident Indian citizens.
A Project Leader who meets eligibility requirements mentioned below must represent the Company’s application.
The Company shall have its own in-house R&D facilities that are functional and adequate to execute the project. If the Company does not have a functional and adequate laboratory of its own, then it should have plans for incubation with institutions / centres / organizations with adequate laboratory facilities.
- The Company controlled by an ineligible entity (Company or individual) is ineligible.
- The Company that has already received HPCL support once is not eligible for receiving HPCL funding support once again.
- Project Leader: Every proposal must clearly identify a Project Leader who will take responsibility for the technical and managerial aspects of the project execution.The Project Leader must be technically qualified to undertake the project. The Project Leader must have completed graduate / post-graduate course in engineering / chemistry / biotechnology / sciences.
- Documentary Evidence: Applicants are expected to show documentary evidence that they have tied up the following critical resources needed to execute the project:
At the time of application and prior to shortlisting for presentation to the HPCL Committee:
- Letter of commitment from scientific advisors to serve as honorary advisors, if any.
- Letter of intent of key members of the team.
- Letter of interest / intent from the incubator, if any.
- Evidence of access to key facilities needed to execute a project.
- At the time of due diligence and / or proposal shortlisting:
- Letter of acceptance or MoU with incubator, if any.
- Formal agreements / MoUs with other key facilities / suppliers.
- Any other due diligence documents required by HPCL (on a case to case basis).
- Funding from other sources: The project cannot be similar to another project that has already received funding from another source of Government / Other PSUs / Other bodies grant-in-aid funding.
- Please refer to the advertisement released by HPCL in national newspapers inviting applications from Start-ups and Innovators.
- The applicant needs to submit the application online by registering and logging-on to the HPCL Start-up Portal here. The applications shall only be accepted online.
- Applicants are advised to provide sufficient details in their applications to allow for an informed and fair evaluation / review. Applicants are advised to provide self-contained proposals with essential supporting materials provided as uploads.
The applicants will make presentation of the proposal / idea for review by HPCL. The proposals will be evaluated along the following criteria
- Feasibility of the idea
- Novelty / Innovation
- Importance and potential impact
- Strategy for commercialization
- Barriers / Risks and strategies to address them
- Team profile and capabilities
- Project plan