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NMDC will contribute Rs. 10 crores to IIT Hyderabad for Joint Incubation Programme. The programme will support startups for up to five years to work on their ideas.
National Mineral Development Corporation, NMDC has decided to offer Rs. 10 crore for a joint incubation programme at IIT Hyderabad that will support more than 15 startups.
In one of the statements released to the press, NMDC revealed that an agreement was signed between NMDC Innovation and Incubation Centre (NICE) and i-TIC Foundation, IIT- H to support startups through the collaborative joint incubation programme. According to the agreement, a startup ecosystem will be established by NMDC at IIT- H. It will also support five startups every year for five successive years. For each startup, the incubation period will be two years which can be extended up to six months.
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While addressing the press, N Baijendra Kumar, IAS and the chief managing director of NMDC said that the purpose of the programme is to encourage entrepreneurship and innovation across India and use the technological and innovative ideas into solutions in various fields of science and engineering for the benefits of society and commercial exploration.
Apart from offering financial support to the startups, the NICE program will offer working space and provide a platform for networking with the professionals, experts and mentors.
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IIT Hyderabad is slow;y making its impact on research and development. The premier institute is coming up with various innovative devices and startups, which are useful for the society.
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