February 26, 2021 9:23 am

Central PSU NMDC to invest Rs 10 crore to promote deep-tech startups

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Hyderabad — Central government public sector undertaking in association with have launched Incubation and Fellowship program to support and promote deep-tech in the country.

Named as NICE Program (NMDC Innovation and Incubation Centre), it 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.

With the total program budget of Rs 10 Crores funded by NMDC, NICE aims to support 5 startups every year with the financial aid of up to Rs 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 Rs 80,000 for 12 months to support their sustenance and prototype development.

While launching the program, NMDC CMD 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.”

“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 to enrich the Startup India initiatives,” said Prof B S Murty of IIT Hyderabad.

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