NMDC and i-TIC Foundation IIT Hyderabad signed an agreement to support start-ups through a collaborative joint incubation program, NMDC Innovation & Incubation Centre [NICE]. This is consistent with the flagship initiative of the Government of India - “Startup India”, intended to build a strong ecosystem that is conducive for the growth of start-up businesses, to drive sustainable economic growth and generate employment opportunities.
NMDC in partnership with i-TIC Foundation, IIT Hyderabad will establish the start-up eco system in the premises of IIT Hyderabad with a focus to foster, nurture and incubate start-up companies with new and innovative ideas in deep technology. NMDC would contribute tentatively Rs 10 Crore for the five-year joint incubation program, and intends to support at least 15 start-ups. The objective of NICE is to promote the spirit of Innovation and Entrepreneurship in the country.
Salient features of NMDC Incubation program:
o Total Program budget: Rs 10 Crore
o No. of start-ups to be Incubated: 15 @ 5 per annum
o Incubation Period for each start-up: 2 years extendable by 6 months o Period of Incubation Program: 5 Years
o Start-up Domain: Deep Technology, not limited to any specific domain