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NMDC to support start-ups at IIT-H of ₹10 crore

Nov 5th, 2020 7:42 pm | By | Category: LATEST NEWS

Sumit Deb

The National Mineral Development Corporation (NMDC) and Indian Institute of Technology (IIT-Hyderabad) have joined hands to launch an incubation and fellowship programme.

The NMDC Innovation and Incubation Centre (NICE), a joint venture between NMDC and i-TIC Foundation at IIT-H, will support deep-tech start-ups by providing them incubation and fellowship support.

The centre was launched virtually by NMDC Chairman and Managing Director Sumit Deb and IIT Director B S Murty.

The five-year programme would support 15 fellows and 15 start-ups by providing them financial aid, mentoring support and co-working space.

With a total funding of ₹10 crore, NICE targets to support five start-ups every year with a financial aid of up to ₹25 lakh to help them translate their ideas to scalable businesses.

The centre would also support five fellows every year with a monthly stipend of ₹ 80,000 for 12 months.

Those interested can submit their applications on NICE’s website, an NMDC statement has said.

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