(from left) Manjeet Walia, Chief Divisional Retail Sales Head of Indian Oil Corporation; Hirdesh Madan, Director & Co-founder of Hitbullseye; and Satyendra S Choudhary, CEO, Technology Business Incubator, IISER Mohali
This is a need for job creators in the country and the youth should “lead the way of entrepreneurship”, said Hirdesh Madan, Director & Co-founder of Hitbullseye, while speaking at the second BL Campus Connect lecture in IISER Mohali.
According to him, those who follow the path of entrepreneurship should “always keep the fire alive”, and they should not build a startup just for money. During the BL Campus Connect lecture organized by line of business, in association with Indian Oil Corp Ltd, Madan talks about his journey as an entrepreneur and the various challenges he faces. In overcoming these challenges he created new opportunities.
Some of the first challenges faced by entrepreneurs, as he listed from his experience, are capital (availability), learning the trade and different thinking; Challenges in the growth phase include getting work from others, getting the right people, which includes trusted people/employees or those with the same vision and, most importantly, competent people .
As leaders, entrepreneurs need to keep the team motivated, stay relevant, and keep an eye on the “changing processes dynamic environment”.
For example, in 2009-10, an economic downturn hit businesses, profits dropped, and he had to make “brutal decisions like firing people”.
People will put you down, don’t let that affect you, believe in yourself. As a leader you should always walk the walk and focus on making an impact,” he said.
IOC start-up scheme
According to Manjeet Walia, Chief Divisional Retail Sales Head of Indian Oil Corporation, the company has launched a start-up scheme (IndS_UP) with a revolving corpus fund of ₹30 crore “to develop promising start-ups and nurture an ecosystem that helps with innovations. in the domestic hydrocarbons sector”.
Driven by Indian Oil’s Research & Development Center based in Faridabad, the scheme will support projects aimed at establishing new technology and business process reengineering ideas with significant business potential, relevant socially and focused on protecting the environment, he said.
The start-up scheme will be administered through a dedicated online portal and will facilitate a community of innovators, entrepreneurs and intrapreneurs. It will help them to pursue their good ideas until the validated proof of concept (PoC) by funding the incubation ecosystem and through intellectual mentoring.
“Indian Oil may further assist in the commercialization of selected validated PoCs through equity participation. Indian citizens and those persons of Indian origin who are willing to work in the country, as well as individuals associated with those academic institutions with incubation centers approved by the Central government or intrapreneurs from Indian Oil, can apply under the scheme,” he said.
Indian Oil has organized three rounds of start-up funds from 2017 to the latest in June 2022.
Other areas identified in Technical Process Re-engineering (TPRE) are low cost efficient vapor recovery systems in fuel stations; recent re-refining of used lubricating oils without solvent/acid treatment; cheap price of hydrogen production; and low-cost process for seawater desalination, among others.
Satyendra S Choudhary, CEO, Technology Business Incubator, IISER Mohali, said the interactive session helped students understand and feel motivated about entrepreneurship.