State-run NMDC and i-TIC Foundation, IIT Hyderabad on Monday signed an agreement to support start-ups through a collaborative joint incubation programme, the NMDC Innovation and Incubation Centre (NICE).
As part of the Centres “Startup India” initiative, the collaborative agreement was signed by P KSatpathy, Director (Production) NMDC and B S Murty, Director, IIT Hyderabad and President, i-TIC Foundation in the presence ofN Baijendra Kumar, CMD of NMDCat the NMDC headquarters here, a press
NMDC in partnership with i-TIC Foundation, IIT Hyderabad would establish the start-up eco system in the
premises of IIT Hyderabad with a focus to foster, nurture and incubate start-up companies with new and innovative ideas in deep technology.
NMDC would contribute tentatively Rs 10 crore for the five year joint incubation program and intends to support at least 15 start-ups, it said.
The objective of NICE is to promote the spirit of Innovation and Entrepreneurship in the country.
Baijendra Kumar said “the programme aims to promote innovation and entrepreneurship across pan India 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”. PTI VVK