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NMDC-IIT Hyderabad’s business incubator to support Deep-Tech start-ups

Our Bureau Hyderabad | Updated on March 02, 2020

NMDC and i-TIC Foundation, IIT Hyderabad, today signed an agreement to support start-ups through a joint incubation programme — NMDC Innovation & Incubation Centre (NICE).

The collaboration agreement, in line with the Centre’s Startup India initiative, was signed by PK Satpathy, Director (Production), NMDC, and BS Murty, Director, IIT Hyderabad and President, i-TIC Foundation.

NMDC in partnership with i-TIC Foundation, IIT-H’s Technology Business Incubator, will establish the start-up ecosystem in the premises of IIT Hyderabad to foster, nurture deep-tech start-ups .

The mining major will initially contribute ₹10 crore for the five-year joint incubation programme, and support at least 15 start-ups. The objective of NICE is to promote the spirit of innovation and entrepreneurship.

N Baijendra Kumar, CMD, NMDC, said, “The programme aims to promote innovation and entrepreneurship 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.”

BS Murty said, “Deep Technology start-up companies are based on substantial scientific advances and tangible engineering innovation. It has profound enabling power and potential to catalyse change.”

The NICE programme will offer start-ups working space, facilitate networking with mentors/experts, apart from giving financial support.

Published on March 02, 2020

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