The National Mineral Development Corporation (NMDC) would contribute tentatively Rs 10 crore for a five-year joint incubation program at the Indian Institute of Technology, Hyderabad (IIT-H) to support at least 15 start-ups.
According to a press release issued by NMDC on Monday, they signed an agreement to support start-ups through a collaborative joint incubation program, NMDC Innovation & Incubation Centre (NICE) with i-TIC Foundation, IIT-H. As part of the agreement, NMDC will establish the start-up eco-system at the IIT-H premises and incubate five start-ups every year for a period of five years. The incubation period for each start-up will be two years and extendable by six months.
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“The program aims to promote innovation and entrepreneurship across pan India by converting and translating technological ideas and innovation in various disciplines of science and engineering into products, processes and services for commercial exploitation and the benefit of society,” said N Baijendra Kumar, IAS, chief managing director, NMDC.
The NICE program will offer working space, facilitate networking with professional resources like mentors, experts, apart from offering financial support to start-ups.
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