It's called the Independent Games Festival. Most IGF entries are made by smaller groups that self-publish their games. Of course not the student projects but that's not everything there is to the IGF. Previous winners include famous indie titles like Gish, Darwinia, GalCiv, Savage and I think even Alien Hominid.
Personally I liked Ocular Ink but got stuck when I quit the game after dying at the last boss, it saved that point (i.e. me dead) and well... Cloud wasn't that interesting to me.