Bengaluru, Dec 15 : Global technology brand OnePlus on Friday announced a new initiative to set up a scholarship fund in collaboration with the Indian Institute of Technology Madras (IIT Madras). Named after its renowned 'Never Settle' spirit, the OnePlus' 'Never Settle' Scholarship programme will provide full financial scholarships to several IIT Madras students. The scholarship programme is open to new and existing students at the IIT Madras in the undergraduate (BTech) programme, said the company. The initiative is aimed at honouring and empowering the 'Never Settle' spirit of the next generation of innovators, by fostering academic excellence and advancing their pursuits in fields of science and technology. Students will be evaluated as per the Merit-cum-Means eligibility criteria by IIT Madras, which will manage the scholarship review process. The 'Never Settle Scholarship' programme is committed to easing the financial burden of education by offering substantial scholarships to deserving students as per the above mentioned criteria. 'The support and enthusiasm we received from our community during our first official community meet in India were instrumental in our decision to launch in the country. Since then, our journey of a decade in the region has been truly remarkable. As a tech brand, fostering continuous innovation is the most exhilarating part of our work. Our collaboration with IIT Madras holds immense significance as we embark on this meaningful venture together with our community,' said Pete Lau, Founder of OnePlus. 'Looking ahead, I hope that our unwavering spirit of 'Never Settle' that has thrived for the past ten years will continue to flourish in the next decade,' Lau added. Welcoming the contribution of OnePlus, Professor Mahesh Panchagnula, Dean (Alumni and Corporate Relations), IIT Madras, said: 'IIT Madras is glad to partner with OnePlus for the 'Never Settle' Scholarship, reinforcing our commitment to empowering future innovators in science and technology. I thank the OnePlus leadership team for joining us in our efforts to enable a brighter educational landscape for India's youth.' /IANS