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Process

Nayar Prize II

The Nayar Prize II is open to all faculty members, students, and staff at Illinois Tech. It is expected that faculty members, students, and staff will form teams that will undertake breakthrough research and/or innovative programs with the aim of solving specific, well-defined, and significant problems in areas approved by the Nayar Prize II Steering Committee under the auspices of the Nayar Prize Oversight Committee. The prize will have three phases:

Phase 1

Each chosen team (maximum of three) will receive up to $100,000 to be spent by the team within the first year to enable significant progress to be made toward a potential solution of its identified and approved problem.

Phase 2

Each chosen team (maximum of two) funded (or potentially unfunded) in Phase 1 will receive up to $100,000 to be spent in the second year of the program to advance the achievements made in the first year of the program.

Phase 3

A single selected team (the Finalist Team) that has shown, in the opinion of the Nayar Prize Oversight Committee, whose opinion shall be conclusive and final, the most progress toward the solution of its chosen problem and the most potential for high impact, will receive up to an additional $100,000 to continue its work for a third and final year. For Phase 3, final performance benchmarks and metrics will be proposed by the team and approved with such modifications as the Nayar Prize II Steering Committee, in its discretion, deems necessary or appropriate, based on the problem and the progress in the two previous years, and the specific benchmarks that must be achieved to complete the prize. Assuming the successful achievement of these benchmarks, the Finalist Team will receive the Nayar Prize II of $500,000. If the predefined benchmarks are not met in the sole opinion of the Nayar Prize Oversight Committee, then the prize will not be awarded and will be forfeited by the team. In this case, unless agreed to otherwise by the Nayar Family Foundation and Illinois Tech, the funds will be put in a separate fund to support future Nayar Prize efforts.

Nayar Prize I

View the Nayar Prize I process here.