NMDC and IIT Hyderabad sign MoU for joint incubation program to support deep-tech startups
NMDC and i-TIC Foundation, IIT Hyderabad have signed an agreement to support start-ups through a collaborative joint incubation programme, 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.
The collaborative agreement was signed by P.K. Satpathy, Director (Production) on behalf of NMDC and Dr. B.S. Murty, Director, IIT Hyderabad & President, i-TIC Foundation, IIT – Hyderabad in presence of N Baijendra Kumar, IAS, CMD, NMDC at the NMDC headquarters at Hyderabad. Amitava Mukharjee, Director (Finance); Alok Kumar Mehta, Director (Commercial); Sumit Deb, Director (Personnel) and other senior officers from NMDC and IIT, Hyderabad were also present.
NMDC in partnership with i-TIC Foundation, IIT Hyderabad will establish the start-up ecosystem 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.
N Baijendra Kumar, CMD, NMDC, said, “The program aims to promote innovation and entrepreneurship across pan India by converting and translating technology ideas and innovation in various disciplines of science and engineering into products, processes, and services for commercial exploitation and the benefit of society.”
Dr. B.S. Murty, Director, IIT Hyderabad & President, i-TIC Foundation, IIT – Hyderabad said, “This collaboration program will be a win-win situation to everybody and take the country to new heights in developing the startup ecosystem. Deep technology start-up companies are based on substantial scientific advances and tangible engineering innovation. It has profound enabling power and the potential to catalyse change. The NICE program offers working space, facilitates networking with professional resources like mentors, experts, apart from offering financial support to start-ups.”
Salient features of NMDC Incubation programme:
- Total programme budget: Rs 10 crore
- Number of start-ups to be incubated: 15 @ 5 per annum
- Incubation period for each start-up: Two years extendable by six months
- Period of incubation program: Five years
- Start-up domain: Deep technology, not limited to any specific domain.
