Hyderabad: NMDC Limited in association with IIT Hyderabad launched Incubation and Fellowship programme on Wednesday.
This initiative titled, NICE Program (NMDC Innovation and Incubation Centre) is a joint programme between NMDC Limited and i-TIC Foundation, a startup support system at IIT Hyderabad that aims to support deep-tech startups. The objective of NICE is to promote the spirit of entrepreneurship and innovation in the country and to support the Startup India movement.
The NICE initiative is a five-year joint programme that would support 15 fellows and 15 startups by providing them financial aid, mentoring support, co-working space, other infrastructural benefits, and more.
With a total programme budget of Rs 10 crore funded by NMDC, NICE aims to support five startups every year with the financial aid of up to Rs 25 lakh to convert their proof of concept into a scalable business. The program would also support five fellows every year with the monthly stipend of Rs 80,000 for 12 months to support their sustenance and prototype development.
