NMDC Limited in association with IIT Hyderabad has together launched Incubation and Fellowship program today. This initiative titled, NICE Program (NMDC Innovation and Incubation Centre) is a joint program between NMDC Limited and i-TIC Foundation, a startup support system at IIT Hyderabad that aims to support deep-tech startups by providing them incubation and fellowship support. The objective of NICE is to promote the spirit of entrepreneurship and innovation in the country and to support the Startup India movement.

The program was launched by Sumit Deb, Chairman-cum-Managing Director, NMDC Limited in presence of Prof B S Murty, Director, IIT Hyderabad. This virtual event was attended by Shri P K Satpathy, Director (Production), Amitava Mukherjee, Director (Finance), Alok Kumar Mehta, Director (Commercial) NMDC Limited, Prof Surya Kumar S, Faculty In-charge, i-TIC Foundation, incubated startups, students, faculties and team members of the organizations.

NICE initiative is a 5-year joint program that would support 15 fellows and 15 startups by providing them financial aid, mentoring support, co-working space, other infrastructural benefits, and many more. With the total program budget of INR 10 Crores funded by NMDC, NICE aims to support 5 startups every year with the financial aid of up to INR 25 lakhs to convert their proof of concept into a scalable business. The program would also support 5 fellows every year with the monthly stipend of INR 80,000 for 12 months to support their sustenance and prototype development.

While launching the program, Sumit Deb said, “As a responsible corporate entity, NMDC has always supported social causes which have a potential impact on human lives. I am sure that the NICE initiative will be a go-to place for young entrepreneurs to passionately pursue their entrepreneurship journey and create wealth for the benefit of society at large. I take this opportunity to invite young and enthusiastic entrepreneurs to take advantage of NMDCs’ initiative to pursue their dream of becoming a successful entrepreneur.”

Prof B S Murty in his address to the audience said, “The vision of IIT Hyderabad is to be the cradle for inventions and innovations. This joint program is one important step taken towards the vision of IITH and the commitment to supporting entrepreneurship and innovations. This program would also act as a template for Industry-Academia collaboration to enrich the Startup India initiatives.”

The event included the website launch by Sumit Deb, interaction with startups, type of support under the program and information regarding the fellowship program. Call for applications for the fellowship program will start from November and can be applied through the NICE website (www.niceprogram.in).