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NMDC & IIT Hyderabad jointly to support deep-tech start-ups

NMDC Limited and IIT Hyderabad have signed an MoU for joint incubation programme to support technology startup companies
Hyderabad: NMDC Limited and i-TIC Foundation, IIT Hyderabad have signed an agreement to support start-ups through a collaborative joint incubation program, NMDC Innovation & Incubation Centre (NICE). This is consistent with the flagship initiative of the government - “Startup India,” intended to build a strong ecosystem that is conducive for the growth of start-up businesses, to drive sustainable economic growth and generate employment opportunities. The collaborative agreement was signed by NMDC's Director (Production) PK Satpathy on behalf of NMDC and Dr BS Murty, Director, IIT Hyderabad & President, i-TIC Foundation, IIT - Hyderabad in presence of NMDC's Chairman & Managing Director (CMD) N Baijendra Kumar (IAS) at the NMDC headquarters at Hyderabad on March 2. NMDC's Director (Finance) Amitava Mukharjee, (Commercial) Alok Kumar Mehta, Director (Personnel) Sumit Deb and other senior officers from NMDC and IIT, Hyderabad were also present.
"The program aims to promote innovation and entrepreneurship across pan India by converting and translating technology ideas and innovation in various disciplines of science and engineering into products, processes and services for commercial exploitation and the benefit of society" : NMDC's CMD N Baijendra Kumar

What is in this MoU?

NMDC in partnership with i-TIC Foundation, IIT Hyderabad will establish the start-up ecosystem 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. The objective of NICE is to promote the spirit of innovation and entrepreneurship in the country. Speaking on occasion the CMD NMDC said: "The program aims to promote innovation and entrepreneurship across pan India by converting and translating technology ideas and innovation in various disciplines of science and engineering into products, processes and services for commercial exploitation and the benefit of society." Dr BS Murty said that this collaboration programme will be a win-win situation to everybody and take the country to new heights in developing the startup ecosystem. Deep Technology start-up 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 start-ups.

Salient features of NMDC Incubation program:

  • Total program budget: Rs 10 crore
  • No. of start-ups to be Incubated: 15 @ 5 per annum
  • Incubation Period for each start-up: 2 years extendable by 6 months
  • Period of Incubation Program: 5 Years
  • Start-up Domain: Deep Technology, not limited to any specific domain
Disclaimer: This story is a press release and is being published without any editing by PSU Watch desk. Our editorial team has only changed the headline.