Public sector mining major NMDC in association with IIT-Hyderabad has launched an incubation and fellowship programme to support deep-tech startups.

This initiative titled, NICE Program (NMDC Innovation and Incubation Centre) is a joint programme between NMDC Limited and i-TIC Foundation, a startup support system at IIT Hyderabad that aims to support deep-tech startups. The objective of NICE is to promote the spirit of entrepreneurship and innovation in the country and to support the Startup India movement.

According to a release, the programme was launched by Sumit Deb (Chairman-cum-Managing Director, NMDC) in the presence of B.S.Murty (Director, IIT-Hyderabad). 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.

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

With the total programme budget of Rs. 10 crore funded by NMDC, NICE aims to support five startups every year with a 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 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 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,” stated Sumit. He also launched the NICE website.

“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,” said B.S.Murty.