Illinois Institute of Technology Announces Three Finalists for $1 Million Nayar Prize
First Nayar Prize at Illinois Tech awards grants to promising advances in early education, cancer detection, and driverless car technology
First Nayar Prize at Illinois Tech awards grants to promising advances in early education, cancer detection, and driverless car technology
CHICAGO, Oct. 16, 2015 /PRNewswire-USNewswire/ -- Illinois Institute of Technology, a premier global technological university located in Chicago, announces three finalists for its first Nayar Prize, a $1 million award to develop breakthrough projects that produce meaningful results with a societal impact.
The Nayar Family Foundation created the prize for students, faculty, and staff at Illinois Tech to recognize their extraordinary problem-solving capabilities and help "move the needle" toward significant innovations to impact society, the economy, and our environment.
"The Nayar Prize elicited extraordinary entries—emblematic of a school steeped in research, critical and creative inquiry, and entrepreneurship," said Frances Bronet, provost. "Illinois Tech's innovative DNA was omnipresent throughout the entries. The winners are stellar and represent important forays into solving contemporary societal challenges through technological and social analysis with clear action plans for pilots and implementation."
The three finalists are developing:
The three finalists will each be granted $100,000 to spend within a year to show significant progress toward a solution for the problem they investigating. In year two, the team that shows the most promise will receive an additional $200,000 to continue its work over the next two years. Finally, if that team continues to meet the metrics and benchmarks established by the steering committee, it will be awarded $500,000.
The Nayar Prize is funded by distinguished Illinois Tech alumnus Madhavan Nayar and the Nayar Family Foundation. Madhavan Nayar is the founder of a company that is a pioneer in information integrity software.
Learn more about the Nayar Prize and the finalists at www.iit.edu/nayar-prize.
About Illinois Institute of Technology: Illinois Institute of Technology, also known as Illinois Tech, is a private, technology-focused, research university offering undergraduate and graduate degrees in engineering, science, architecture, business, design, human sciences, applied technology, and law. One of 21 institutions that comprise the Association of Independent Technological Universities (AITU), Illinois Tech offers exceptional preparation for professions that require technological sophistication, an innovative mindset, and an entrepreneurial spirit.
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SOURCE Illinois Institute of Technology
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