Mumbai, November 5
NMDC Limited in association with IIT Hyderabad launched an Incubation and Fellowship program today. The initiative titled, NICE Program (NMDC Innovation and Incubation Center) is a joint program between NMDC Limited and i-TIC Foundation, a startup support system at IIT Hyderabad that aims to support deep-tech startups by providing them incubation and fellowship support. The objective of NICE is to promote the spirit of entrepreneurship and innovation in the country and to support the Startup India movement.
NICE initiative 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, and many more.
With the total program budget of Rs 10 crore 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.
Call for applications for the fellowship program will start from November and can be applied through NICE website (www.niceprogram.in)