Public sector mining major NMDC in association with IIT-Hyderabad on Wednesday launched an incubation and fellowship programme to support deep-tech startups.
A joint initiative of NMDC and i-TIC Foundation, a startup support system at IIT-Hyderabad, the NICE (NMDC Innovation and Incubation Centre) programme is to promote the spirit of entrepreneurship and innovation and to support the Startup India movement.
Launched by NMDC chairman-cum-managing director Sumit Deb in the presence of IIT-Hyderabad director B.S.Murty, it is a five-year joint programme that would support 15 fellows and 15 startups by providing them financial aid, mentoring support, co-working space and other infrastructural benefits, a release said.
With the total programme budget of ₹10 crore funded by NMDC, NICE aims to support five startups every year with a financial aid of up to ₹25 lakh to convert their proof of concept into a scalable business. The programme would also support five fellows every year with the monthly stipend of ₹80,000 for 12 months to support their sustenance and prototype development.
Mr.Deb said “as a responsible corporate entity, NMDC has always supported social causes which have potential impact on human lives. I am sure that the NICE initiative will be a go-to place for the young entrepreneurs to passionately pursue their entrepreneurship journey and create wealth for the benefit of society at large”. He also launched the NICE website (www.niceprogram.in).
Mr.Murty said the vision of IIT-Hyderabad is to be the cradle for inventions and innovations. This joint programme is one important step taken towards that vision and also acts as a template for industry-academia collaboration to enrich the Startup India initiatives.
