IQ-CHem Contest to Aid Innovative Petrochemical Start-Ups

The petrochemical industry is constantly growing and discovering new ways to produce and use chemicals to benefit the industry and the world. Now, SIBUR is helping to advance the industry even further with the IQ-CHem contest.

About the IQ-CHem Contest

The IQ-CHem contest will discover and promote innovations in petrochemical production and application. It gives petrochemical start-ups a chance to showcase their projects and how they can improve and develop the petrochemical industry for the future.

IQ-CHem will work to find and promote projects that help create technologies for gas processing and transportation. It’ll also support ideas that can advance the production and use of plastics, elastomers, and custom chemicals. On top of that, IQ-CHem will focus on finding projects for modern equipment and technological solutions to enhance the operative efficiency of chemical and technical processes.

The IQ-CHem contest is open to all petrochemical start-ups. Projects and ideas submitted will be evaluated by a jury of more than 30 international experts from the biggest companies in the petrochemical industry. These experts will determine the best start-up projects and award monetary prizes to three 3rd place winners, two 2nd place winners, and one 1st place winner. The total prize funds for the IQ-CHem contest is $55,000.

Interested petrochemical start-ups can apply to participate until March 1, 2017. Winners will be announced on June 6, 2017, at Startup Village 2017, a start-up conference held in Moscow, Russia.

Additional Petrochemical Opportunities

SIBUR has also partnered with many of the top companies in the industry to help find and promote the best petrochemical start-up projections. A few of these partners include LG Chem, Honeywell UOP, 3M, and Dow.

As a global stage for communications, the best start-ups will have a chance to receive opportunities to work with these and other global chemical leaders. These opportunities can help participants find investors and ultimately turn the best ideas and projects into a full industrial production.

How IQ-CHem Benefits the Petrochemical Industry

IQ-CHem does more than help petrochemical start-ups find funding for their best ideas. The contest also works to promote the creation of better and more efficient ways to produce and use chemicals in the petrochemical industry.

As explained by Jim Rekoske, Vice President and CTO of Honeywell UOP, this event will shine a light on the importance of how innovative ideas can help develop new technologies and new ways to use chemicals in the future.

“Society has relied on crude oil to provide fuels for more than a century,” he said. “But now countless other chemical products can be made from hydrocarbons, demanding exceptional scientific innovation and technological development.”

Dr. Joost Waeterloos of the scouting and exploration network, Ventures & Business Development for Dow in Europe, Middle East, Africa, and India, also said that IQ-CHem would help start-ups create projects that’ll benefit both the petrochemical industry and the overall quality of life for the rest of the world.

“Participation in IQ-CHem will enable talented participants to unlock their potential and build courageous collaborations, creating unique projects essential to petrochemical industry and, as a result, to humanity as a whole,” he said.

Overall, the IQ-CHem contest is slated to pave the way for start-ups to create projects that’ll ultimately make the petrochemical industry and the world better in the future.

For more industry news and upcoming events, read CPV Manufacturing’s blog.