(from left) Manjeet Walia, Chief Divisional Retail Sales Head at Indian Oil Corporation; Hirdesh Madan, Director & Co-founder of Hitbullseye; and Satyendra S Choudhary, CEO, Technology Business Incubator, IISER Mohali
These is a need for job creators in the country and the youth must “steer the path of entrepreneurship”, said Hirdesh Madan, Director & Co-founder of Hitbullseye, while speaking at the second BL Campus Connect lecture at IISER Mohali.
According to him, those pursuing the path of entrepreneurship should “always keep the fire alive”, and they need not set up a start-up only for money. During the BL Campus Connect lecture organised by businessline, in association with Indian Oil Corp Ltd, Madan spoke of his journey as an entrepreneur and the various challenges that he had to face. In overcoming these challenges he created new opportunities.
Some of the early challenges faced by entrepreneurs, as he listed out from his experience, were capital (availability), learning the ticks of trade and thinking differently; the growth stage challenges include getting work done from others, getting the right people, which includes trustworthy people / employees or those who share the same vision and, most importantly, competent people.
As leaders, entrepreneurs should keep the team motivated, staying relevant, and keeping an eye out on the “evolving processes dynamic environment”.
For instance, in 2009-10, an economic downturn hit the businesses, profits slid, and he had to take “brutal decisions such as firing people”.
People will put you down, don’t let that affect you, have confidence in yourself. As a leader you should always walk the tallk and focus on creating an impact,” he said.
IOC start-up scheme
According to Manjeet Walia, Chief Divisional Retail Sales Head at Indian Oil Corporation, the company has launched a start-up scheme (IndS_UP) with a revolving corpus fund of ₹30 crore “to promote promising start-ups and nurture an ecosystem conducive for innovations in the domestic hydrocarbons sector”.
Driven by Indian Oil’s Research & Development Centre based at Faridabad, the scheme will support projects that aim to establish innovative technology and business process reengineering ideas with significant business potential, social relevance and focussed on environment-protection, he said.
The start-up scheme will be administered through a dedicated online portal and facilitate the community of innovators, entrepreneurs and intrapreneurs. It will help them pursue their promising ideas right up to validated proof of concept (PoC) by funding the incubation ecosystem and through intellectual mentoring.
“Indian Oil may further aid in the commercialisation of select validated PoCs through equity participation. Indian citizens and those people of Indian origin willing to work in the country, as well as individuals affiliated to academic institutions having incubation centres approved by the Central government or intrapreneurs from Indian Oil, can apply under the scheme,” he said.
Indian Oil has organised three rounds of start-up fund from 2017 to the latest being in June 2022.
Some areas identified by the Technical Process Re-engineering (TPRE) are low-cost efficient vapour recovery system at fuel stations; innovative re-refining of used lubricating oils without solvent/acid treatment; low-cost production prices of hydrogen; and low-cost process for desalination of sea water, among others.
Satyendra S Choudhary, CEO, Technology Business Incubator, IISER Mohali, said the interactive session has helped students understand and feel motivated about entrepreneurship.
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Published on November 28, 2022
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