GUWAHATI: A startup conclave was organized by Numaligarh Refinery Limited (NRL) in Guwahati to deliberate and gauge the performance, results achieved and way forward for NRL funded/shortlisted startups under the aegis of the company’s startup initiative iDEATION. The Conclave was inaugurated by Guest of Honour CMD, NEDFi, B Paul Muktieh, in the presence of MD NRL SK Barua, Director (Technical) NRL B J Phukan along with senior officials from NRL, NEDFi and a host of entrepreneurs selected under Numaligarh Refinery Limited iDEATION.
According to a press release, during the course of the conclave, presentations on progress achieved and way forward were made by all the 4 startups funded in the 1st edition of NRL iDEATION 2017 viz ParkingRhino, Automobile, Arohan Agrisciences and Deroi Tea. 8 other startup shortlisted for funding in the first phase of iDEATION 2018 also presented their startup ideas. Later, agreements were signed with 3 startups viz Dr. A Sarma, Vixudha Bio Product and PiCasoid for disbursement of funding on grant mode. Agreement with the remaining 5 startups shall be signed subsequently.
Speaking on the occasion, CMD NEDFi B Paul Muktieh praised NRL for its startup initiative iDEATION and hailed the role of Numaligarh Refinery Limited as an Angel Investor for the numerous entrepreneurs of the North-East. Director (Technical) NRL BJ Phukan said, ‘The fund of Rs 10 Crore earmarked for startups has been made non-lapsable so that submission and evaluation of startups ideas is a continuous process throughout the year’.
NRL iDEATION was launched in the year 2017 to lend wings to the dreams and ideas of entrepreneurs from the North-East by selecting promising ideas and assisting them to grow. With its focus on prospective entrepreneurs from the North East, iDEATION seeks to foster an entrepreneurial culture in the region, selecting promising ideas and assisting them to grow. The initiative is in line with the ambitious Start-up India Mission of Government of India which fosters to build a start-up ecosystem in the country. Startup funding is provided in 3 categories viz Seed funding, Early Stage funding (after proof of concept) and Scale Up funding.
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