DOUGLAS — The Illinois Institute of Technology is investing $1.1 million into finding an idea that can have a significant impact on society within three years.
IIT Trustee Madhavan Nayar is investing the money from his Nayar Family Foundation to establish a competition among faculty and students to radically change society.
Proposals will be accepted until Sept. 1, and on Oct. 3, three teams will get $100,000 to work on their idea for a year. One team will be knocked out each year and the remaining teams will get an additional $100,000 and another year to work.
The final team will be eligible for the $1.1 million prize.
IIT alumni are allowed to participate, but the team must be led by a current student or professor.
Past projects have included plans for a driverless city, an advanced cancer-imaging process and games for kids learning languages.
For more information and to apply, visit web.iit.edu/nayar-prize.
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