IIT Hyderabad and NMDC signs MOU for Joint Incubation programme

The i-TIC Foundation of Indian Institute of Technology (IIT), Hyderabad signed an agreement with NMDC to promote start-ups through a cooperative joint incubation programme – NMDC Innovation & Incubation Centre (NICE). This is in line with the flagship programme of the Government of India – “Startup India”, envisioned to create a strong ecosystem that is favourable for the development of start-up businesses. This would help in viable economic growth and produce employment opportunities.

The joint agreement was signed at the NMDC headquarters in Hyderabad by Dr. B.S. Murty, Director, IIT Hyderabad & President, i-TIC Foundation, IIT – Hyderabad and P.K. Satpathy, Director (Production) on behalf of NMDC in presence of Shri N Baijendra Kumar, IAS, CMD, NMDC. NMDC in association with i-TIC Foundation, IIT Hyderabad will start the start-up ecosystem in the locations of IIT Hyderabad with a focus to raise, nourish and incubate start-up companies with new and ground-breaking ideas in deep technology.

NMDC is going to raise Rs 10 Crore for the five-year joint incubation programme, and aims to support at least 15 start-ups. The aim of NICE is to encourage the spirit of innovation and entrepreneurship in the country. The programme intends to endorse innovation and entrepreneurship across pan India by adapting and translating technological ideas and innovation in several branches of science and engineering into products, processes and services for commercial utilisation and the benefit of society.

Deep Technology start-up companies are established on considerable scientific advances and perceptible engineering innovation. It has deep enabling power and prospect to catalyse change. The NICE programme offers working space, enables networking with professional resources such as mentors, experts, apart from offering financial support to start-ups.

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