In a significant collaboration aimed at fostering innovation in the deep-tech and energy sectors, Oil India Limited, in partnership with the Foundation for Innovation & Technology Transfer (FITT) at the Indian Institute of Technology Delhi (IIT Delhi), has launched 'DriftTECH'. This pioneering initiative, unveiled on February 5, is poised to address pressing real-world challenges by nurturing visionary startups and empowering them to develop groundbreaking solutions.
Empowering Entrepreneurs: Turning Ideas into Action
The 'DriftTECH' program, spanning a duration of 24 months, is strategically crafted to provide extensive support to startups committed to leveraging technology and innovation to tackle sustainability challenges. With a strong emphasis on prototype development and beyond, the program offers a comprehensive incubation framework designed to facilitate the transition from ideas to actionable solutions. Entrepreneurs across diverse sectors are invited to participate, with the assurance of receiving tailored assistance to realize their innovative visions.
Support and Opportunities for Top Teams
A key highlight of 'DriftTECH' is the opportunity it extends to the top 15 teams selected to attend a boot camp and receive personalized mentorship. These teams will be guided through the crucial stages of refining their concepts and transforming them into viable products or services. Moreover, out of these 15 teams, 10 will receive coveted incubation support from Oil India Limited and FITT, IIT Delhi, propelling them towards the Minimum Viable Product (MVP) stage. This support includes funding of up to INR 10 lakhs per startup, alongside a suite of resources and guidance covering product development, technical and business mentorship, access to advanced laboratory facilities, market strategy formulation, legal and intellectual property rights support, investor networking, global launch facilitation, and engagement with industry stalwarts from Oil India Limited.
Application and Timeline
Entrepreneurs eager to participate in the 'DriftTECH' program can submit their applications through the FITT website, with the application window open from February 5, 2024, to March 31, 2024. This timeline ensures ample opportunity for aspiring innovators to prepare and submit their proposals for consideration.
Visionary Leadership and Collaborative Endeavors
Commenting on the launch, Mr. Ranjit Rath, Chairman and Managing Director of Oil India Limited, expressed firm commitment towards fostering innovation and nurturing entrepreneurship in the dynamic realms of deep-tech and energy. He emphasized the strategic collaboration with IIT Delhi as a testament to their shared dedication to technological advancement and sustainable solutions.
Echoing this sentiment, Prof. Rangan Banerjee, Director of IIT Delhi, underscored the importance of providing a conducive ecosystem for innovation. He lauded Oil India's support for startups at FITT, expressing eagerness to witness the societal impact and revenue generation potential of the ventures that emerge from this collaborative effort.
The Foundation for Innovation & Technology Transfer (FITT) at IIT Delhi serves as a catalyst for research translation, technology development, and startup incubation. With a robust track record in intellectual property management, technology transfer, and incubation support, FITT has played a pivotal role in nurturing over 250 startups. As a nodal agency for various government and industry-funded programs, FITT brings invaluable expertise to the 'DriftTECH' initiative, further enriching the innovation landscape in India.
'DriftTECH' emerges as a beacon of hope for aspiring entrepreneurs, offering not just funding but also a holistic support system to realize their vision and drive meaningful change in the deep-tech and energy sectors.
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