Foundation for Innovation and Technology Transfer (FITT) at IIT Delhi has been the vanguard of knowledge transfer activities from academia since its inception in 1992. This techno-commercial organization from academia is counted amongst the successful such organizations. FITT provides superior program management services and is steadily increasing its operational landscape. The varied roles of FITT can be seen in enabling innovations and technopreneurship, business partnerships, technology development, consultancy, collaborative R&D, technology commercialization, development programs, corporate memberships etc. These roles are necessitated by the key agenda of the Foundation to showcase the Institute’s “intellectual ware” to industry, and thereby unlock it’s knowledgebase and inculcate industrial relevance in teaching and research at IIT Delhi.
FITT aims to be an effective Interface with the industry to foster, promote and sustain commercialization of science and technology in the Institute for mutual benefits.
"To be an effective interface with the Industry to foster, promote and sustain commercialization of Science and Technology in the Institute for mutual benefits."
With this mission mode, FITT has enabled knowledge transfer and created partnerships and linkages with business and community
Foundation for Innovation and Technology Transfer (FITT) was established by the Board of Governors of the Indian Institute of Technology Delhi (IIT Delhi) as a Registered Society on 9th July 1992. Dr. NC Nigam was the founding Chairman of FITT, and Dr. AK Sengupta was the first full-time Managing Director. IIT Delhi's Review Committee Report -1986, recommended the setting up of an industrial foundation to enhance the programmes of interaction and collaboration between IIT and industry. To implement this recommendation the Institute took up this initiative, with a seed grant received from the government at that time, which led to the setting up of FITT.
DSIR has recognized FITT as a Scientific and Industrial Research Organization (SIRO). As a SIRO, FITT is eligible for customs duty exemption for import of capital goods, raw materials and technical know-how that is required for execution of R&D Programmes sponsored by the industry.