Alumni of IIT Delhi from the 1969 batch have contributed over Rs 1 crore to their alma mater for establishing an award to promote innovation and entrepreneurship.We would like to thank the Batch of 1969 for their earnest effort of giving back to their Alma Matr.
The alumni have signed a Memorandum of Understanding (MoU) with their Alma Matr and named the award– ‘Batch of 1969 Innovation Fellow (Award)’ on the occasion of the Golden Jubilee reunion of the batch of 1969.
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 batch wants to support those graduating students who find it difficult to continue with their projects as the alternative of a high paying jobs are much more attractive than the risk of supporting themselves using personal resources to work on projects which ultimately may not find venture capital support.
The batch has proposed to partially fund this gap by establishing the corpus at IIT Delhi for providing an annual stipend to a graduating student at any level and of any discipline or programme in any department, centre or school.
The award would enable the recipients to continue working on their near finished project to bring it to a level of preparation for serious consideration by investors.
“While funds are usually available for students to continue with their projects in the incubation mode, most investors do not permit their funds to be used as stipends or salary for the students themselves,”.
Rajat M NagAlumnus Batch of 1969