Siberia | Materials, extraction | Finance, business
Acceleration program to help Russian oil & gas start-ups enter markets
6 Dec '17
North Energy Ventures, Phystech Ventures and the Gubkin Russian State University of Oil and Gas have launched an annual competition and acceleration program for oil and gas start-ups called G100K, the Skolkovo Foundation website announced. This year, the West Siberian Innovation Center, a technopark in Tyumen, one of Russia’s oil-richest regions, has joined the original three-member partnership.
The organizers are planning regional legs in Tyumen, Ufa, Tomsk, Kazan and St. Petersburg; the number of teams to receive investment is not limited and only depends on whether their projects will be really investable. A single project may receive anything between $100,000 and $1m.
Eligible for the program are technology companies at any stage of development with projects that would help boost oil field yield, automate production, offer geophysical technologies, process big data, and offer industrial Internet-of-Things solutions.
At the end of February, 2018 VC funds and experts in the industry and market will select the best projects. In April, the selectees will take part in a rigorous acceleration program which is expected to prepare them for a final pitch session with potential investors and customers present.
Acceleration program participants will be assisted in their initial marketing efforts in the oil and gas markets across Russia, the Middle East and Africa. They may expect to get feedback from experts at oil and gas producers and oil-servicing firms, and also look forward to having the opportunity to ink strategic partnerships with key market players and raising investment from sizable VC funds specializing in oil and gas tech.
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