NMDC and i- TIC foundation joint initiative to support deep-tech entrepreneurs
The NICE initiative is a 5-year joint program that would support 15 fellows and 15 startups by providing them financial aid, mentoring support, co-working space, other infrastructural benefits, and more.
To support deep-tech startups state-owned (National Mineral Development Corporation) NMDC Ltd and Indian Institute of Technology (IIT) Hyderabad has launched an Incubation and Fellowship program on Wednesday.
NICE Program (NMDC Innovation and Incubation Centre) is a joint initiative of NMDC and i-TIC Foundation, a startup support system at IIT-Hyderabad, the programme is to promote the spirit of entrepreneurship and innovation and to support deep-tech startups.
The initiative would support 15 fellows and 15 startups by providing them financial aid, mentoring support, co-working space, other infrastructural benefits, and more, it is a 5-year joint program. With the total program budget of Rs 10 crore funded by NMDC, NICE aims to support 5 startups every year with the financial aid of up to Rs 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 a 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”.
B S Murty, Director, IIT Hyderabad 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.”