GBPEC Excellence Awards

I am not sure how many of us know that we started a group a group called GASP (GBPEC Alumni Scholarship Program) around 5 years back. In fact we successfully disbursed scholarship of 5000 Rs each to 5 GBPEC students in 2007. If I am not wrong those students must be passed out in 2010. We failed to continue after that due to some reason.

I try to analyze our earlier failure and found that there were two major reason of the same:
1. Wrong Implementation: The reason to give the scholarship to students is to encourage them for good work. It is like telling 12-13 year old kid the benefit of higher studies. Kid will surely not understand that.
2. Lack of interest from faculty/college: I believe the scenario would be totally if we could have got better support from college or faculty members.

I still believe that the idea we started with was noble but the way we carried it could have been better. So, I've new and better (I hope) idea this time. Main point of the GBPEC Excellence Awards could be:
1. This award will be given to the Faculty Member every year who had shown excellence in the current year. Excellence could be but not limited to paper publications, patents, research, and of'course the classroom performance. The purpose if this award will be to increase the competition between faculty members so that in longer time the quality will be increased. This will also have inclusion of faculty members, which is very important to run this kind of program.
2. This award will be given to Alumni member every year who had shown extra-ordinary work such as opening a start-up, technical publications, patents etc. This is due to very obvious reason of increasing the GBPEC brand value in longer term.
3. The third category could be of students who has shown excellence including sports and academic during that year.

Economically I believe this program will be viable if we have more than 50 alumni out of 1500 (I believe till now 1500 students have been passed from GBPEC) for contribution, which I think will not be very hard. Those 50 alumni need to contribute 100 Rs a month. With which we can have 60000 Rs in total. To start with we can give 25000 Rs in Faculty and Alumni category and 10000 Rs in student category.

I am really not sure whether I made sense here or not. So, please let me know your views and thoughts on this if you have any. Please don't stop yourself by commenting even if you have some bad words about this idea. And definitely, I am looking for support so those who are in for idea please let me know also.