GUWAHATI: The progress and performance of start-ups funded by Numaligarh Refinery Ltd under its iDEATION initiative were reviewed at a conclave here.
Presentations on progress achieved and way forward were made by four startups which were funded in the first edition of the initiative in 2017, an official statement issued here on Monday said.
Besides, eight other startups shortlisted for funding in the first phase of iDEATION 2018 also presented their startup ideas.
Later, agreements were signed with three startups for disbursement of funding on grant mode. Agreements with the remaining five startups would be signed subsequently.
Speaking at the conclave held on Saturday, NRL managing director, S.K. Barua said that NRL itself is a startup conceived as part of the Assam Accord and therefore funding of startups in the region is in sync with the company’s vision of providing a fillip to the development of the region.
NRL has been funding startups in grant mode in its previous editions but now the company is looking forward to invest in equity
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 2017 to lend wings to the dreams and ideas of entrepreneurs of the region by selecting promising ideas and assisting them to grow.