November 6, 2020
TED NewsDesk, Hyderabad: IIT Hyderabad collaborated with National Mineral Development Corporation (NDMC) to launch an Incubation and Fellowship course. The NDMC Innovation and Incubation Centre Programme is a joint scheme including i-TIC Foundation and NDMC. IIT Hyderabad initiated an assistance framework named i-TIC with a plan to help deep-tech ventures by offering them incubation and fellowship assistance.
“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 the young entrepreneurs to passionately pursue their entrepreneurship journey and create wealth for the benefit of society at large,” stated Mr Sumit Deb, the Chairman-cum-Managing Director of NMDC.
NICE is a 5-year joint scheme introduced to sponsor 15 startups and 15 fellows to encourage them. It also focuses on providing guidance, shared workspace alongside other substructural advantages. The initiative aims at endorsing development, modifications and entrepreneurship in India. Besides, it also looks forward to promoting to Startup India Movement.
“The vision of IIT Hyderabad is to be the cradle for inventions and innovations. This program would also act as a template for Industry-Academia collaboration to enrich the Startup India initiatives,” explained B. S. Murty, Director, IIT Hyderabad.
The plan would aid five fellows annually by paying a stipend of Rs 80, 000 for each month of a year for their livelihood and evolution. NICE looks forward to providing monetary help of a maximum of Rs 25 lakh. The collaborators set up the programme with a budget of Rs 10 crore. NDMC funds the scheme.
The programme hopes to transform their evidence of design proposal into an upgradable business.
Source: Economic Times
