IIT Delhi students to get a monthly stipend of Rs 1 lakh for one year

The alumni of Indian Institute of Technology (IIT) Delhi, 1969 batch, have started a ‘Batch of 1969 Innovation Fellow Award’ which will provide a monthly stipend of Rs 1 lakh for one year. In exceptional cases, the awardee may be considered for further support for a maximum of six months.

The award will be executed and managed by the Foundation for Innovation and Technology Transfer (FITT), IIT Delhi.

Connecting the dots

“To set up a special fund for this award, the Batch of 1969 has collectively contributed over Rs 1 crore with an aim to promote the spirit of innovation and entrepreneurship among graduating students at IIT Delhi,” reads the statement.

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“While funds are usually available for students to continue their projects in the incubation mode, most venture/angel funders do not permit their funds to be used as stipend/salary for the students themselves,” it said.

The idea behind the big idea

“Many, if not most, graduating students thus find it difficult to continue with their projects as the alternative of high paying jobs are much more attractive than the risk of supporting themselves using personal resources to work on projects that ultimately may not find venture capital support.”

The fund will partially bridge the gap by establishing the corpus at IIT Delhi for providing an annual stipend to a graduating student at any level of any discipline or programme, it said.

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