Initial target of Rs 21,000 crore to be collected from alumni contribution
The IIT Alumni Council has launched a fund and accompanying technological intervention vehicle to revitalise the research ecosystem in India.
The India Empowerment initiative is in addition to importing required technologies for filling critical gaps in India’s overall strategy to emerge as a leading soft superpower.
The fund will operate under the Angel Fund regulatory framework in India as the IIT Angel Fund and will be the fourth leg of the MegaFund initiative —the other three being a social fund, a co-investment platform and a Fund of Funds. The India Empowerment Fund will increase the total target corpus of Fund of Funds much beyond the planned initial target of Rs 21,000 crore.
IIT Alumni Council is aiming at inspiring every IIT alumnus to contribute in cash or technology. With an initial response from the top 10, 15% of the 500,000+ IIT alumni, a corpus of Rs 50,000 crore can be created.
The India Empowerment Fund will be launched alongside the IIT2020 Virtual Summit on the theme “Future is Now”.
Here are the highlights:
“This uniquely structured fund will be used to revitalize domestic research through talent and infrastructure as well as to import key technologies. Both of these are critical in the quest of empowering India to become the leading technology superpower of the world. The IIT Alumni Council believes that it is only technology that can transform India into a world leader in the emerging world order and the India Empowerment initiative could play a key role in this transformation,” said Ravi Sharma, president and chief volunteer of the IIT Alumni Council.
The IIT Alumni Council is the largest global body of alumni, students and academicians across all 23 IITs and partnering institutes of the India Innovation Network (I2Net).
Explaining how IITians abroad are trying to contribute to the cause, Sanjiv Goyal, chairman of the IIT 2020 Virtual Summit, board member of PanIIT US and City Chapter Chair of IIT Alumni Council, said, “I am making a personal commitment to IIT Alumni Council and PanIIT USA to make India Empowerment Fund — a programme of giving back to our motherland a success. IITians will collaborate with the US and Indian governments to help build better policies to foster cross border entrepreneurship, ensure technology cooperation and enable joint research. We owe this to our janmabhumi and karmabhumi, too. We have 50,000 IIT alumni in the US. IIT Alumni Council has over 35,000 individual members and over 350 venture funds. We collectively have today what it takes to make a difference for a better tomorrow.”
The summit is expected to be the largest virtual conference in the world with 20,000 attendees.
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