State-owned NMDC Ltd and Indian Institute of Technology (IIT) Hyderabad have signed an agreement to support start-ups through a collaborative joint incubation programme and set up an innovation and incubation centre.
This is consistent with the government's Start-up India initiative 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.
NMDC will contribute Rs 10 crore for the five-year joint incubation programme and intends to support at least 15 start-ups.
"The programme aims to promote innovation and entrepreneurship 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," said Chairman and Managing Director N Baijendra Kumar.
"They have profound enabling power and potential to catalyse change. The innovation and incubation centre will offer working space, facilitate networking with professional resources like mentors and experts apart from offering financial support to start-ups," he said.