NIT Warangal’s Lakshya Foundation is not for profit initiative by it’s alumni. They are trying to bridge the gap between alumni and the institute with core values of Technology, Transparency and Synergy to help build an ecosystem of innovation and entrepreneurship. In short they are trying to build a win-win ecosystem around the institute.
First of all they are fostering innovation in the campus. Engineering students generally have a lot of free time and most of them want to do something productive. For those who have project ideas, funding and mentorship are provided including IPR rights protection. Thereby the students are encouraged to take up technology entrepreneurship. Any student can apply with an idea/project. So far 7 ideas have been funded with an amount worth 2,91,000 INR. Lakshya is also supporting Research by promoting students to pursue research and publish their work. The foundation funds the student’s conference/internship related expenses.
Applying for official certificates, transcripts or documents from NIT Warangal will be as easy as booking a movie ticket. This has been made possible through IT infrastructure being built by Lakshya together with the institute for the administration. Only very few institutes in the country will have such online facility. Thanks to Lakshya.
Lakshya provides financial assistance to the needy. They follow an innovative model – interest free, collateral free and repayment period of 5 years. Through this scheme, 22 students were funded so far which is worth 15,00,000 INR. They also have a crowd-funding platform wherein students can upload their projects and raise funding from alumni. Crowd-funding platforms have become popular these days.
Last but not least, the Lakshya foundation floated an idea of Innovation Garage which was approved by NIT Warangal and a serene space of 1800 sft was allotted at the Center for Innovation and Incubation on campus. Every student is free to access the lab and build prototypes of ideas. To facilitate this some of alumni have donated equipment including power tools and state of art 3D printer. Several projects like obstacle detector, self balancing robot, virtual shopping app, Bluetooth controlled bot, android apps and a vertical axis wind turbine are a few to name. Two hackathons a year (24 hour hardware and software development event) are also organised under the aegis of The Lakshya foundation. Rashid Khan and Anik Das , two active participants of IG were absorbed into NITW start-up called Yellow Messenger and are now being incubated in Chile, South America which can termed as an achievement of IG.
The most notable positive aspect we appreciate about the Lakshya is its transparency policy. Anybody can log on their website and view all the funding details. Finally Lakshya has very high “Lakshya”. They aim to achieve the following by 2018:
- Identify 500 thought leaders from among alumni who will each inspire and motivate five thought leaders from among the students
- Enable the institute to file 10 patents annually
- Incubate five technology startups a year which will have a combined net-worth of $1 million in two years of operations
- Enable NIT Warangal to be rated among the top five technology institutes in India
The positive news salutes their service and wishes them the best in their efforts.
The day to day activities of Lakshya are taken care by two passionate alumni – Naveen and Anand. The board members include prominent alumni and faculty of the college. Many alumni play the role of mentors too.