Press Coverage

The GIVE ONE for IITB fund raising drive was launched with a focus on the graduating batch of 2010 who set a landmark precedent by being the first batch to pledge funds by way of payback to IITB even before having received their paycheck. On the 2 convocation days, viz. 6th and 8th August, 2010, as many as 735 fresh graduates (out of an estimated 1000 who attended the convocation) pledged to donate 1% of their salary to IITB in order to help IITB maintain its tryst with excellence.

Understandably, the event generated a lot of excitement and caught the attention of the national media who reported this drive extensively. Reproduced below, are a few snippets that appeared in various dailies across India.

DNA  |  Business Standard |  Hindustan Times  | Times of India 

Economic Times | DNA follow-up story

From DNA Mumbai dated 10-Aug-10

Graduating batch will give 1% of salary to IIT-B

735 students sign pledge to help in development of the premier institute

Mihika Basu

In a rare gesture of giving back to ones alma mater, over 70% of the 2010 graduating class of the Indian Institute of Technology Bombay has committed 1% of their annual salary to the institute.
The Go IIT-B: Give One for IIT Bombay is part of a new fund raising initiative by IIT Bombay Alumni Association (IITBAA) in association with the IIT Bombay Heritage Fund. It is a voluntary programme for each alumnus to contribute 1% of his/her income towards supporting overall improvement at IIT Bombay.
“So far, over 735 students of the graduating class have signed a pledge to donate 1% of their annual salary,” said Bakul Desai, member of the fund raising team at IITBAA and the brains behind the concept. “This is the first batch to have committed to start its payback even before getting their first pay cheque. Its a first among all IITs.”
For Amruta Chowdhuri, her pledge is a “small way of saying thanks” to IIT Bombay. “I took loan from the IITBAA to fund my laptop. If I can contribute with a portion of my salary, it can help other needy students,” she said.
“I have stayed at IIT-B for four years and I feel we need better infrastructure for those residing on the campus. The student strength has gone up significantly and two students staying in one room isnt very comfortable. This is what compelled me to pledge even before I started earning,” said Amit Parte, another student.
The aim, said Desai, was to engage the alumni early, set a new benchmark, and create a new tradition for all passing out batches as well as earlier ones.
A system is being created whereby alumni will have an option to contribute towards their hostel, institute development, staff or any other initiative of their choice. They will get periodic updates about how their funds are being used and will be invited to see it in action. “If 735 students are earning Rs7 lakh annually, we will get over Rs50 lakh in just one year. We may collect donations either monthly or yearly,” said Desai.
A mechanism to determine how funds will come in and where they will go will be ready in the next six months, said Damayanti Bhattacharya, chief operating officer, IITBAA.

From Business Standard Mumbai dated 10-Aug-10

The Indian Institute of Technology, Bombay (IIT-B) may soon have enough corpus to fund various activities on its campus. The premier engineering institute has initiated a new fund-raising drive — Give one for IIT Bombay — by its alumni.

The movement, which is voluntary, involves each IIT-B alumnus to contribute one per cent of his or her income to IIT-B for life time.

So far, more than 735 students out of 1,000 in the graduating class of 2010 have signed up for the initiative.

An IIT-B graduate earns an average annual salary of Rs 7 lakh. This means the institute will be able to generate over Rs 51 lakh (Rs 7,000 per student per annum) when these student begin contributing in the first year. The amount however, would double next year when more number of students sign up.

“The aim is to engage alumni early. We would be using the funds to meet various needs like infrastructure, joining bonus for faculty, green initiatives on the campus or benevolent fund for the faculty members and IIT-B staff,” Bakul Desai, ideator, IIT Bombay Alumni Association, told Business Standard.

The programme has been created by the association in collaboration with the IIT Bombay Heritage Fund.

The fund-raising drive was seen as a soft launch of the programme with the motto ‘pledge now and pay later’.

The institute plans to keep an account of the contributing members and also provide them a timely update on wherever the funds are being used. The students can suggest to the association if they wish to divert the fund to a specific venture on the campus.

“The institute realises that graduates striking out on their own for the first time need time to settle down before they can start repaying and hence while they pledged now they will probably start honoring their pledges in a years time when they are more settled into their careers. Also, this would encourage older alumni members to come forward and contribute,” added Desai.

From Hindustan Times dated 10-Aug-10

IIT-B graduates pledge 1 pc of salary for institute

Kiran Wadhwa, Hindustan Times
Santosh Meena’s parents had taken loans at exorbitant interest rates five years ago when he made it to the Indian Institute of Technology– Bombay (IIT-B). But when the dual degree engineering student got in, he realised that alumni loans were much cheaper and opted for one. When Meena graduated

from IIT-B on Sunday, he promised to return the favour and signed up for IIT-B’s new initiative ‘GO IIT-B: Give one for IIT-Bombay’.

The unique initiative invites fresh graduates to pledge one per cent of their salary for the institute’s growth. “I know how important it is for students to get these loans. I will contribute to this fund for as long as I can,” said the 22-year-old.

The response to the initiative has been overwhelming with 735 of the 1,000 students, who attended the convocation last week, signed up almost immediately. While one per cent might seem measly, when added it becomes a substantial amount.

With an average IITain’s annual salary being Rs 7 lakh, a one per cent contribution (Rs 7000 per person), from the pool of 750 students will add up to more than Rs 50 lakh in a year. “The loyalty of fresh graduates is at their peak, so we want them to start donating early,” said Bakul Desai, an alumnus who came up with the idea. “With most of our alumni all over the globe it gets difficult to coordinate with them. So, when they sign up at the beginning it is much easier. Also, with fresh graduates signing up, we are hoping it encourages older batches to contribute.”   

Students can give their gurudakshina after they start earning and they can renew their pledge every year.  

From Times of India dated 10-Aug-10

IIT-B alumni pledge 1% of salary to alma mater

Parvathy Gopalakrishnan, TNN, Aug 10, 2010, 02.53am IST

MUMBAI: IIT-Bombay seems to be reviving the old tradition of "gurudakshina". More than 735 students of the batch passing out in 2010 pledged to donate 1% of their salaries to their alma mater. The money would be used to develop the infrastructure and facilities at the institute. It would also be used for the IIT-B society.

Christened "Go IIT-B: Give One for IIT Bombay", this fund-raising is in association with the IIT Bombay Heritage Fund. Their motto: Pledge now and pay later.

Participants can start donating within a year after they begin to earn. At the convocation held on August 6, more than 70% of the batch pledged to donate 1% of their salaries for life. In fact, the batch has already started collecting funds.

Damayanti Bhattacharya, COO, IIT-B alumni association is one of the brains behind the project. She said, "The idea was to keep the young alumni engaged and keep them associated in a way that it benefited the institute. Usually, when it comes to fund-raising, we look at the big donors. But there are other IITians, who could collectively form a bigger pool and contribute in a similar way. The response so far has been overwhelming."

The IIT-B alumni association has always been helpful. "While banks charge high interest rates on loans, the alumni association gives loans to its students at 6% interest. I benefitted from it. By donating 1% of my salary, I would be giving back something to my alma mater," said 23-year-old Pritish Kumar, who studied MSc in geophysics at IIT-B and works with ONGC now. Amit Parte, another student who has signed up for the project, echoed similar views. "This money will ensure that students can avail of better infrastructure and technologically advanced facilities," he said.

Economic Times 10-Aug-10

DNA follow-up story 12-Aug-10

154 years on, just Rs70,000 in alumni fund

Mumbai University lacks a policy to associate with and benefit from ex-students

Santosh Andhale & Mihika Basu MUMBAI

ore than 150 years old but an alumni fund of only Rs70,000. Mumbai University has a lot of catching up to do as far as building a bond with its former students goes. The 52-year-old Indian Institute of Technology (IIT), Bombay, in contrast, had alumni contribution of Rs14.6 crore in the academic year 2009-10 alone.
For an institute with illustrious former students like industrialist Mukesh Ambani, scientists Anil Kakodkar and RA Mashelkar and political bigwig LK Advani, Mumbai University has been singularly unsuccessful at cultivating alumni involvement. Universities abroad have turned contributions from former students into a significant source of funding.
The efforts from the university have been lackadaisical at best. It has never been proactive in garnering support or feedback of the alumni. To make matters worse, it does not even have a proper alumni cell.
It was only in 2006-07, during its 150th year celebrations, that the university called upon its alumni to contribute towards a fund meant for the institute's betterment. IIT Bombay, on the other hand, considers its alumni as one of its strengths and is very focussed in alumni networking.
The IIT Bombay Alumni Association (IITBAA) and IIT Bombay Heritage Fund have played a big role in setting up a global network of alumni and ensuring they stay connected with the alma mater.
"The bigger donations have been used for constructing buildings, hostels, labs and for funding several other activities," said Damayanti Bhattacharya, chief operating officer, IITBAA.
"Each batch contributes in a big way each year while getting together to celebrate its silver jubilee reunion. Alumni give back to the institute through the 'legacy project'. Significant among them is the "young faculty fund — project signing bonus — launched by the 1982 batch to give a sign-on bonus to newly-hired faculty," said Bakul Desai, member of the fund raising team, IITBAA. More recently, over 70% of the graduating class of 2010 pledged one per cent of their annual salary to IIT Bombay.
Taking a cue from such institutes, Mumbai University's new vice chancellor Rajan Welukar wants to strengthen the association with its former students.

"I appeal to the alumni to share their thoughts with us and they are most welcome to give their suggestions and contribute towards the development of the university. Through their wisdom, the university can go to the next level," he said.
Disappointed at the apathetic attitude of the university towards alumni relations, Welukar now intends to strengthen the almost unheard of alumni association of the university. While no one heads the association or knows who its members are, it has never undertaken any activities.
"Several former students of the university have gone on to do extremely well in life, and one expected
that they would help the institution that shaped their lives.
"Sadly, that has not happened. I hope things change soon. We don't just want money from them, but also there suggestions," said Welukar.He said alumni can also communicate and share their ideas with him at vc@fort.mu.ac.in