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The IIT Alumni Council is to launch an India Empowerment Fund to invest up to ₹50,000 crore over the next 10 years to revitalise the country’s research ecosystem.
The fund will be launched during the IIT2020 virtual summit ‘Future is Now’, which is slated to be inaugurated by the Prime Minister Narendra Modi today.
The fund will operate under the angel fund regulatory framework as the IIT Angel Fund. This will be the fourth leg of IIT Alumni Council’s MegaFund initiative, the other three being a social fund, a co-investment platform and a Fund of Funds, the council said in a statement.
The India Empowerment Fund will increase the total target corpus of Fund of Funds much beyond the planned initial target of ₹21,000 crore.
Also Read: IIT Alumni Council to create ₹21,000-cr social initiative fund
“IIT Alumni Council will motivate every IIT Alumni to contribute in cash or technology, a sum equal to the subsidy on his or her education to the fund. With an initial response from the top 10-15 per cent of the over 500,000 IIT alumni, a corpus of ₹50,000 crore can be created. This uniquely structured fund will be used to revitalise domestic research through talent and infrastructure, and import key technologies,” Ravi Sharma, President and Chief Volunteer of the IIT Alumni Council said.
“We believe that only technology can transform India into a world leader in the emerging world order,” he added.
The IIT Alumni Council is the largest global body of alumni, students and faculty, spread across all the 23 IITs and partnering Technical Institutes of Excellence (TieNet).
ALSO READ: IIT Alumni Council to set up MegaLab in Mumbai for RT-PCR test
“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 have 50,000 IIT alumni in the US. IIT Alumni Council has over 35,000 individual members and over 350 venture funds,” Sanjiv Goyal, Chairman of the IIT 2020 Virtual Summit, board member of PanIIT USA and City Chapter Chair of IIT Alumni Council, said.
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