NMDC and i-TIC Foundation, IIT Hyderabad, on Monday signed an agreement to support startups through a collaborative joint incubation programme, NMDC Innovation & Incubation Centre [NICE]. This is consistent with the flagship initiative of the Government of India - “Startup India”, intended to build a strong ecosystem that is conducive for the growth of startup businesses, to drive sustainable economic growth and generate employment opportunities.
The Collaborative agreement was signed by P.K. Satpathy, Director (Production) on behalf of NMDC and Dr. B.S. Murty, Director, IIT Hyderabad and President, i-TIC Foundation, IIT - Hyderabad in presence of N Baijendra Kumar, IAS, CMD, NMDC at the NMDC headquarters at Hyderabad.
Amitava Mukharjee, Director (Finance), Alok Kumar Mehta, Director (Commercial), Sumit Deb, Director (Personnel) and other senior officers from NMDC and IIT, Hyderabad were also present.
NMDC in partnership with i-TIC Foundation, IIT Hyderabad will establish the startup eco system in the premises of IIT Hyderabad with a focus to foster, nurture and incubate startup companies with new and innovative ideas in deep technology.
NMDC will contribute tentatively Rs 10 crore for the five-year joint incubation programme, and intends to support at least 15 startups. The objective of NICE is to promote the spirit of innovation and entrepreneurship in the country.
Speaking on the occasion N Baijendra Kumar said, "The program aims to promote innovation and entrepreneurship 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".
Dr. B.S. Murty said, this collaboration programme will be a win-win situation to everybody and take the country to new heights in developing the startup eco-system.
Deep technology startup companies are based on substantial scientific advances and tangible engineering innovation. It has profound enabling power and potential to catalyse change.
The NICE program offers working space, facilitates networking with professional resources like mentors, experts, apart from offering financial support to startups, an NMDC press release said.