Members of the Illinois Institute of Technology community have a second opportunity to make a difference in the world through their participation in the Nayar Prize II, launched on March 1. Trustee Madhavan Nayar (M.S. IE ’68) and his wife, Teresa, on behalf of the Nayar Family Foundation, have established an additional $1 million-plus prize package for this competition, which encourages and challenges faculty, staff, and students to develop breakthrough, innovative projects that will produce meaningful results with a societal impact within a three-year period. Introduced in 2015, the Nayar Prize I provided $100,000 in funding to each of three teams. This October, one team will be selected to complete the remaining two years of the project and be awarded $200,000. Upon the successful completion of benchmarks and performance metrics set by the team and approved by the Steering Committee, members will receive $500,000.
Visit web.iit.edu/nayar-prize/about to learn more about the Nayar Prize I and the Nayar Prize II. Read about entrepreneur Madhavan Nayar and the three winning teams competing in the Nayar Prize I at magazine.iit.edu/spring-2016/noble-experiment.