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Legacy Project Details

 

IIT-B Batch of ’85 Silver Jubilee Reunion Legacy Projects

We are excited to announce the IIT-B Batch of ’85 Silver Jubilee Reunion (SJRU) Legacy
Projects (LPs). They are:

1. Promote Technology & Sustainable Development (T&SD) through Academics and
Entrepreneurship by:
a. Establishing “Batch of ’85 Chair Professorship in T&SD”
b. Establishing “IIT-B T&SD Business Plan Competition”
2. Contribute to the Existing Young Faculty Awards (“Sign-on Bonus”) Program
3. Promote Green Campus Initiative by Installing Solar Water Heaters in Hostels

Project Name
Area
Type
Goal in Rs.
Goal in $
T&SD Chair Professorship
Faculty
Endowment
90 Lakhs
200 K
T&SD Business Plan Competition
Entrepreneurship
Non-Endowment
90 Lakhs
200 K
Young Faculty Awards
Faculty
One-Time Cash
90 Lakhs
200 K
Solar Water Heaters
Hostels
One-Time Cash
180 Lakhs
400 K
Total Fundraising Goal
 
 
450 Lakhs
1,000 K

 

These Legacy Projects are forward-looking, inspiring, and well-aligned with the overall priorities expressed by you. These strategic investments in IIT-B will, no doubt, leave a lasting legacy of our Batch of ’85 — something we can all be proud of. They provide a platform for us to be actively involved in influencing the future direction of IIT-B by bringing alignment between technology excellence and social relevance, and igniting the spirit of entrepreneurship and innovation in future students. This also sends a strong message that we care about the future well-being of IIT-B, and that we are committed to raising “brand IIT-B” to dizzying heights.

1. Promote Technology & Sustainable Development (T&SD)
There is ground swell within the IIT-B community for the notion of Technology and Sustainable Development (T&SD). This is due to the overwhelming feeling that IIT-B needs to be more engaged with the development agenda of India in addressing some basic issues such as agriculture, water, and energy security for the common person. The T&SD notion is more about the methodology by which IIT-B engages in development that benefits society at-large, where student/faculty teams are directly involved in solving a problem pertaining to the aforementioned basic issues through hands-on field work, rigorous engineering, and innovation. The net result is the delivery of a solution, and the training of students through interdisciplinary action-research and action-teaching. This new approach positions IIT-B to be a leader in redefining engineering education.

Additional information on specific ongoing T&SD projects, new 2-year M.Tech. program in T&SD, etc. is available at:

http://www.ctara.iitb.ac.inhttp://www.cse.iitb.ac.in/~ctara/
http://www.cse.iitb.ac.in/~sohoni/IFM.pdfhttp://www.cse.iitb.ac.in/~sohoni/waterstory.pdf

There are two ways in which Batch of ’85 can make a lasting difference and leave a legacy:

a. Establish “Batch of ’85 Chair Professorship in T&SD.”
This endowed Chair Professorship is designed to attract or retain a top researcher and teacher in the field of T&SD at IIT-B. He/she is expected to provide leadership and vision for the T&SD endeavor at IIT-B, and to provide high-profile credibility and prestige to T&SD. He/she is expected to attract students and other faculty and researchers to IIT-B in the area of T&SD.

This appointment shall be interdisciplinary and not tied to any specific department. IIT-B shall provide full salary and benefits commensurate with rank/qualifications. Qualified individuals within or outside IIT-B shall be eligible to compete for this position. This appointment shall be on a five-year rotation basis, where the previous Chair may compete for reappointment. At least one Batch of ’85 representative shall be included on the search committee and also on the five-year review committee.

For establishing a Chair Professorship a permanent endowment is required. We are aiming for an endowment of $200 K or Rs. 90 lakhs. An annual return on endowment of 7% is expected. Significant portion of the return will provide the Chair with discretionary funds for salary augmentation, travel, research, etc. Remainder of the return shall be added to the endowment, which is needed to increase the discretionary fund amount disbursed to the Chair annually.

Fundraising Goal: $200 K or Rs. 90 lakhs — Permanent Endowment Fund

b. Establish “IIT-B T&SD Business Plan Competition”
A new IIT-B T&SD Business Plan Competition is designed to stimulate student and faculty involvement in furthering the T&SD Agenda, which is expected to be anchored by the T&SD Chair. This competition will provide real-world experience to students in turning ideas into reality with societal benefit. Prizes shall be awarded to top business plans with societal and market relevance, proposed by teams of students, advised by faculty (T&SD, Business, etc.) and mentored by suitable entrepreneurs, NGO leaders, and end-user stakeholders. Although the prize money may not be sufficient capital to implement winning business plans, it is expected the high publicity and “brand IIT-B” prestige attached with the prizes will attract interest of funding sources. The benefits of this include: (i) real world experience of turning ideas into reality, (ii) cash assistance to take the idea to the next level, (iii) exposure for attracting additional funding/support, (iv) education in finance, marketing, technology, social development, entrepreneurship, and (v) outlet for students to create something that will generate know-how/technology that is relevant to the society as a whole.

To increase awareness, a series of events shall be organized during the year showcasing successful startups as well talks by established entrepreneurs/venture capitalists on the challenges and rewards of entrepreneurship. The Business Plan Competition could potentially be a capstone event to an year-long “B.Tech Project,” in the final year made of interdisciplinary teams from engineering departments and the school of management. The Business Plan Competition shall be held at IIT-B annually, and it shall be administered by IIT-B. Initial screening of ideas and final selection shall be performed by a panel comprising of Batch of ’85 representatives, IIT-B faculty, entrepreneurs, NGO leaders, etc. All new companies formed with the prize money shall give equity ownership to IIT-B in proportion to the prize money. Any earnings from future “exits” shall be used to fund future prize money. Also, corporate sponsors and contribution from junior batches’ LPs can be added. This could serve as a nucleus for a future, much larger IIT-B Entrepreneurship Prize (a la MIT $100 K Prize).

Initially, three prizes shall be awarded annually: Rs. 10 lakhs, Rs. 4 lakhs, and Rs. 2 lakh (total Rs. 16 lakhs). Administrative expenses in organizing the competition and supporting awareness activities is expected to be Rs 2 lakh/year. Thus, over a five year period the total requirement is Rs 90 lakhs or $200 K. If successful, this LP is expected to be self-sustaining through earnings and contributions from other sources, including junior batches’ LPs.

There are number of models for such competitions. See for e.g. the MIT $100 K competition with the development track, and the New Venture Challenge at University of Chicago Booth School of Business program below:

http://www.mit100k.org/the-100k-competition/track-descriptions/development-track-resources/

http://research.chicagobooth.edu/nvc/index.aspx

There are a number of recent ventures created out of such business plan competitions, and
have had a huge impact on society. Her are two examples:

1. Husk Power Systems — electricity from rice husks: http://huskpowersystems.com/home.htm
2. ReMotion Design — artificial limb under $20: http://www.remotiondesigns.org/
This is new territory for LPs, but strong cooperation and linkages with IIT-B Center for Technology Alternatives for Rural Areas (CTARA; http://www.iitb.ac.in/~ctara/index.html), Society for Innovation and Entrepreneurship (SINE; http://www.sineiitb.org/), and School of Management would enhance the success of this effort. Furthermore, active cooperation from outside venture groups such as The Indus Entrepreneurs (TiE) Mumbai chapter (http://mumbai.tie.org/homepage) would also be sought in training/judging activities.

Fundraising Goal: $200 K or Rs. 90 lakhs— Non-Endowment Fund

Making promotion of T&SD as one of our unique LPs sends a strong message that we consider this issue to be very important, and this will serve as a catalyst for directing focus and resources from IIT-B administration and other funding/donation agencies to T&SD in the future.

2. Contribute to the Existing Young Faculty Award (YFA) Program
IIT-B student population is expected to swell to a maximum size of 8,000 by 2014, with a looming shortage of faculty members. Thus, hiring of top quality faculty members is becoming a top priority for IIT-B. The YFA program (also referred to as the “sign-on bonus” program) is designed to attract high quality new faculty members to IIT-B, by providing financial incentives.
These incentives are in the form of a Rs. 1 lakh grant for travel/relocation plus Rs 1 lakh per year for 3 years salary augmentation (total Rs. 4 lakhs). The YFA has been effective, with over 60 new faculty members hired under this program so far. Currently YFA is being funded by contributions from senior batches’ LPs. For details please see the YFA program website:
http://www.iitbombay.org/initiatives/young-faculty-award/home.

The Batch of ’85 would contribute Rs. 90 lakhs or $200 K, to fund about 22 YFAs.
Supporting this LP sends a strong message that we care about the academic well-being of IIT-B

Fundraising Goal: $200 K or Rs. 90 lakhs — One-Time Cash Contribution

3. Green Campus Initiative: Solar Water Heaters in Hostels
The IIT-B Green Campus Initiative is motivated by rising energy and environmental costs, and the desire to make the most visible seat of technology a leader in responsible energy usage with minimum environmental impact.

Of the various “green” LPs considered, solar water heaters in hostels rose to the top in terms of technology maturity, cost effectiveness, and payback period. According to IIT-B estimates, replacing hostel electric heaters with solar water heaters will reduce the average annual operating cost per hostel from ~Rs. 4 lakhs/year to ~Rs. 0.5 lakhs/year. Capital cost of solar heaters installation is about Rs. 20 lakhs per hostel, with an estimated payback period of ~6 years. Such a system has been installed in Hostel 2, and it appears to be working well. (Note that on cloudy/rainy days the hybrid nature of the heaters allows them to operate on electricity.)

The Batch of ’85 would contribute $400 K or Rs. 180 lakhs to install solar water heaters in the remaining nine hostels that we are associated with. Supporting this LP sends a strong message that we care about the energy/environment issues.

Fundraising Goal: $400 K or Rs. 180 lakhs — One-Time Cash Contribution

Due diligence went into deciding the final LPs, which started with collecting input from Batch of ’85 members via a survey (emailed to those on Yahoogroups). Entrepreneurship, Faculty, and Hostels emerged as top priorities (in that order) for LP themes. Based on this input a shortlist of LPs was created with the help of the entire SJRU Organizing Committee. The LPs on that shortlist were evaluated by an LPs Advisory Committee, comprising:

- Ali Contractor (IIT-B Dean, Alumni & Corporate Relations)
- Ravi Kuchimanchi (CivilE’85; Founder, AID India NGO)
- Devashish Sethia (G. Sec., Hostel Affairs)
- Mahesh Tirumkudulu (IIT-B Faculty Representative)
- Ravi Venkatesh (MechE’85; Chairman, Microsoft India)
Additional input was sought from senior batches’ SJRU organizers, Rajiv Deshpande (IIT-B Chief Development Officer), and folks from IIT-B Heritage Foundation and IIT-B Alumni Association. The final LPs were decided after a vigorous and thoughtful debate involving the entire SJRU Organizing committee.

We have set ourselves a total fundraising goal of $1M or Rs. 450 lakhs! For our “double” batch this is entirely achievable. Some previous batches have raised over $500K for their respective legacy projects. It is important that our batch lives up to the challenge of exceeding our senior batches in this regard.

What we have gained in life from IIT-B is priceless. Now it is our turn to give something back. SO, PLEASE STEP UP AND DONATE GENEROUSLY! Show that you are grateful! Show that you care! Your investment in the Legacy Projects is an investment in preserving and enhancing “brand IIT-B.”

Instructions on how to donate and FAQs are provided on the SJRU website:

http://www.iitbombay.org/chapters-and-events/reunions/1985/legacy-project-faq.

Please write to any one of us to get answers to questions you may have about the Legacy Projects.

Thanks,

Batch of ’85 SJRU Legacy Projects Team,

Ajay Bhagwat (H3, EE '85) ajayb@renuelectronics.com

Hemant  Dandekar (H8, ChemE '85) hwdandekar@hotmail.com

Nitin "Paddy" Padture (H3, MetE '85) padture.1@osu.edu

 


 

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