New Delhi: Alumni of Indian Institute of Technology  (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.

The alumni have signed a memorandum of understanding with the premier institute and named the award – “Batch of 1969 Innovation Fellow (Award)” on the occasion of the golden jubilee reunion of the batch in Delhi.

The Award will be executed and managed by the Foundation for Innovation and Technology Transfer the Indian Institute of Technology Delhi. 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.

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.

It will carry a monthly stipend of Rs 1 lakh for a period of one year. In exceptional cases, the awardee may be considered for further support for a maximum of six months.