The Indian Institute of Technology (IIT) Hyderabad and public sector mining major NMDC have initiated a fellowship and incubation program known as ‘NICE’. NMDC Incubation and Innovation Centre. This 5-year joint project would support fifteen fellows and 15 startups by giving them mentoring support, financial aid, co-working space, and other infrastructural help.
National Mineral Development Corporation funded budget of Rs 10 crore. NICE attempts to benefit five startups every year with the financial aid of approximately Rs 25 lakh to reclaim their proof of belief into a scalable business. The program would also help 5 fellows every year with the monthly allowance of Rs 80,000 for 12 months to benefit their prototype and sustenance development. However, students can apply through the website of NICE that is niceprogram.in. The fellowship program will start shortly.
The IIT said in an official statement that the motive of NICE is to facilitate entrepreneurship and innovation in the nation and to help the Startup India movement.
This program is a joint Program between the i-TIC Foundation and NMDC Limited. A startup help network at IIT-Hyderabad that attempts to help deep-tech startups by empowering them incubation and fellowship help.
Shri Sumit Deb said, while launching the program, that the ambition will be a go-to place for the new entrepreneurs to passionately seek their entrepreneurship mission and develop wealth for the privilege of society at large.
Prof BS Murty said the conception of IIT-Hyderabad is to prevail as the hotbed for inventions and innovations. This joint proposal is one significant step taken towards the vision of IITH and the obligation to benefiting innovations and entrepreneurship. And this program would also work as a template for industry-academia collaboration to improve the Startup India initiatives.