The Incubation and Entrepreneurship Development Centre (IIEDC) in association with Indian Oil Corporation Limited Club (IOCL) Club organised a startup pitch “Green Resolve - Amrit Kaal Adhyay” for valley-based students at National Institute of Technology (NIT) Srinagar.
The event was presided over by Director NIT Srinagar, Prof. (Dr.) Sudhakar Yedla who was Chief Guest, Institute's Registrar; Prof. Syed Kaiser Bukhari was Guest of Honor and Dr SSV Ramakumar Director, (R&C) IOCL was the main resource person for the event.
The other dignitaries, who attended the event, include Dr Saad Parvez, Head IIEDC, Program Convener Dr. Noor Zaman Khan and Dr Dinesh Kumar Rajendran are the Coordinator of the startup pitch.
Director NIT Srinagar, Prof. (Dr.) Sudhakar Yedla said innovation plays a crucial role in driving progress and improving society in numerous ways. Young entrepreneurs should become job creators rather than job seekers, he said.
"Innovation fuels progress and provides opportunities for a brighter future. By encouraging and supporting innovation, we can create a vibrant atmosphere on the campus that thrives, tackles challenges effectively, and improves the well-being of all," Prof. Yedla said.
Institute’s Registrar, Prof. Syed Kaiser Bukhari said coal and natural gas are expected to last a little longer than oil. If we continue to use these fossil fuels at the current rate without finding additional reserves, it is expected that coal and natural gas will last until 2060, he said.
Prof. Bukhari said the consumption of natural gas continues to grow considerably. China alone accounts for over a third of this growth, and building and industry are responsible for 80% of the rise in global demand, he said.
"The relationship between academia and industry is important for driving innovation and economic growth. Such sessions are important for all-round development of students,"he said.
In his key address, Director R&C, IOCL, Dr SSV Ramakumar said Indian Oil Corporation has set a target to become net zero pollution in 2047. He explained the various aspects of the innovation challenge undertaken by IOCL with a funding of around 1.5 crore to startups.
"The world is witnessing a phase of energy transition and it refers to the shift from traditional fossil fuel-based energy sources, such as coal, oil, and natural gas, towards cleaner and more sustainable alternatives," he said.
Dr. SSV Ramakumar said transition is a complex and multifaceted process that requires collaborative efforts from governments, businesses, communities, and individuals.
"By embracing renewable energy, promoting energy efficiency, and adopting sustainable practices, we can pave the way for a more sustainable, resilient, and low-carbon future," he said.
Mr Anjani Jain, Chief Manager IOCL also narrated the selection process sequence. Stage one will be a shortlist of ideas that have a commercial value in the energy sector and stage two will be called upon for presentation in Delhi with the actual business model and vision of the project.
Earlier during the inaugural session, Dr.Saad Parvez addressed the gathering by welcoming all the dignitaries and also narrated the various activities of IIEDC, NIT Srinagar. He said the Greenovator Incubation Foundation was established as I-TBI under the DST NIDHI scheme with a funding of 5 crores.
"It will be fully functional this month and will support around 30 start-ups in the valley," he said.
Dr. Dinesh Kumar Rajendran also explained about the different aspects of startups and its importance in Kashmir. Like solar and wind, the bloom box technology is also getting market value as an alternate source of energy, he said.
Around 150 participants including startups founders from the valley participated in the event. A formal vote of thanks was presented by Dr.Dinesh and the event was hosted by the IIEDC team led by Mir Faizan.