Kolkata: National Mineral Development Corporation (NMDC) in association with IIT Hyderabad has launched an Incubation and Fellowship program.
This initiative titled, NICE Program (NMDC Innovation and Incubation Centre) is a joint program between NMDC and i-TIC Foundation, a startup support system at IIT Hyderabad that aims to support deep-tech startups by providing them incubation and fellowship support.
The objective of NICE is to promote entrepreneurship and innovation in the country and to support the Startup India movement.
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.
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 program would also support 5 fellows every year with a monthly stipend of Rs 80,000 for 12 months to support their sustenance and prototype development.
“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,” Sumit Deb, Chairman-cum-Managing Director, NMDC said in a statement.
“The vision of IIT Hyderabad is to be the cradle for inventions and innovations. This program would also act as a template for Industry-Academia collaboration to enrich the Startup India initiatives,” said BS Murty, Director, IIT Hyderabad