This initiative titled, NICE Program (NMDC Innovation and Incubation Centre) is a joint program between NMDC and i-TIC Basis, a startup assist system at IIT Hyderabad that goals to assist deep-tech startups by offering them incubation and fellowship assist.
The target of NICE is to advertise entrepreneurship and innovation within the nation and to assist the Startup India motion.
NICE initiative is a 5-year joint program that may assist 15 fellows and 15 startups by offering them monetary support, mentoring assist, co-working house, different infrastructural advantages, and extra.
With the overall program funds of Rs 10 crore funded by NMDC, NICE goals to assist 5 startups yearly with monetary support of as much as Rs 25 lakh to transform their proof of idea right into a scalable enterprise.
This system would additionally assist 5 fellows yearly with a month-to-month stipend of Rs 80,000 for 12 months to assist their sustenance and prototype improvement.
“As a accountable company entity, NMDC has all the time supported social causes which have potential affect on human lives. I’m certain that the NICE initiative might be a go-to place for the younger entrepreneurs to passionately pursue their entrepreneurship journey and create wealth for the good thing about society at giant,” Sumit Deb, Chairman-cum-Managing Director, NMDC stated in a press release.
“The imaginative and prescient of IIT Hyderabad is to be the cradle for innovations and improvements. This program would additionally act as a template for Trade-Academia collaboration to complement the Startup India initiatives,” stated B S Murty, Director, IIT Hyderabad
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