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IIT- Delhi alumni have come together to establish an award for promoting entrepreneurship and innovation. The award will be executed and managed by the Foundation for Innovation and Technology Transfer (FITT) of the Indian Institute of Technology (IIT) Delhi
The alumni of the 1969 batch of the Indian Institute of Technology, Delhi have come together to establish an award for promoting entrepreneurship and innovation. They have contributed a sum of Rs. 1 crore to IIT Delhi for this initiative. A Memorandum of Understanding has been signed between the alumni and their alma mater and the award is named as ‘Batch of 1969 Innovation Fellow (Award)’ during batch’s Golden Jubilee reunion.
IIT Delhi’s Foundation for Innovation and Technology Transfer (FITT) will be managing and executing this award. An alumnus of the ‘69 batch, Rajat M Nag said that funds are generally available for students so that they can continue with their specific projects when they are in the incubation mode. However, mostly the investors do not permit the usage of their funds as salary or stipend for the students themselves.
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He further said that if not most, many graduating students find difficulty in continuing their projects because they have a tempting alternative of high paying jobs. They are tempted to go for jobs rather than taking the risk of supporting themselves by personal resources while working on projects which may or may not get capital support.
The alumni batch has offered to fund this gap partially by forming the main body at IIT Delhi that will provide annual stipends to graduating students at any level belonging to any discipline or programme in any centre, department or school.
The award would allow students to continue working on their projects that are nearly finished so that they are prepared for serious consideration by different investors.
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The award would entail a monthly stipend of Rs. 1 lakh that would be given to the student for one year. The awardee can also be considered for further support in exceptional cases which would enable him/her to receive the stipend for six more months. The corpus or main body will help the institute in presenting one award per year for a period of ten years (that is from 2019 to 2028).
