Marico Innovation Basis (MIF), the not-for-profit arm of FMCG large Marico, is internet hosting its biannual Innovation for India Awards ceremony completely on-line this week. Since its inception in 2003, MIF has launched a number of catalytic initiatives to assist Indian innovators within the broader ecosystem.
The occasion was to be held on March 17 this yr, however was postponed because of the pandemic and has been shifted completely on-line. It will likely be held this week on October 9, from 5-6:30 pm (see registration hyperlink right here). See additionally our protection of the 2018 version, interview with MIF head Priya Kapadia, and Innovate to Domesticate agri-initiative.
Since 2006, greater than 60 organisations have gained awards in classes of startup, enterprise, social, world gamechanger, public companies, and innovation within the enterprise mannequin, course of or product (see Desk 1). Winners have included startup founders, social entrepreneurs, enterprise giants, and even authorities companies.
MIF is anticipating as many as 10,000 registrations this yr for the net awards operate. “We now have actually pulled in an enormous constructive path,” stated Harsh Mariwala, Founding father of Marico Innovation Basis and Chairman of Marico, in a chat with YourStory.
Awards 2020 version
Till this yr, the awards capabilities had been attended in individual by round a thousand curated friends, together with budding entrepreneurs, impression buyers, CXOs, and authorities officers. Winners this yr are from classes like medical merchandise, robotics, sports activities, and schooling.
Launched in 2006, the awards determine improvements that maintain the potential to generate giant scale impression. Improvements are recognised beneath three classes: enterprise, startup, and social improvements. Along with mentorship and trade connects, additionally they get personalised coaching on the artwork of storytelling.
Choice standards require that the innovation ought to have exhibited outcomes throughout the final 10 years. Improvements can embody merchandise, processes, companies, operations, or substantial and distinctive enchancment on current choices. The data associate for due diligence and screening functions is Boston Consulting Group, India.
The enterprise and startup jury consists of former CSIR DG RA Mashelkar; Ameera Shah, MD of Metropolis Healthcare; Amit Chandra, MD of Bain India; Gautam Mago, Basic Accomplice, A91; Rajeev Bakshi, FMCG trade veteran; Sandeep Singhal, Director, SEDEMAC Applied sciences; Sanjiv Kaul, Accomplice, ChrysCapital; Sasha Mirchandani, Founding father of Kae Capital and Co-founder of Mumbai Angels; and Vani Kola, Founding father of Kalaari Capital.
The jury for the social innovation awards contains RA Mashelkar; Amit Chandra; Anshu Gupta, Founding father of Goonj; Anu Aga, former Chairperson of Thermax; Hari Menon, Nation Director of the Invoice & Melinda Gates Basis; Kishore Mariwala, Director of HPFL; Kunal Upadhyay, Co-founder and Managing Accomplice of Bharat Innovation Fund; Paul Basil, Co-founder of Menterra; Ramji Raghavan, Founding father of Agastya Worldwide Basis; and Roopa Kudva, MD of Omidyar Community India.
Innovating to sort out the pandemic
This yr, MIF recognised and awarded organisational innovation, in addition to improvements to fulfill the pandemic disaster. From masks to PPEs, ventilators to respiratory gear, a variety of responses for testing and remedy had been introduced by Indian organisations as a part of the Innovate2Beat COVID Grand Problem in March, Mariwala defined.
MIF, A.T.E. Chandra Basis, and Harsh Mariwala in his private capability collectively provided a complete grant worth of Rs. 2.5 crore. Winners additionally received entry to enterprise alternatives, mentorship, and steering on enterprise operations.
“Innovation goes to be very essential to fulfill the COVID-19 problem,” Mariwala emphasised. New alternatives for progressive services and products are opening up at company ranges. For instance, Marico got here up with a product to scrub greens and fruits, addressing citizen issues over security.
This was a model new class, and new areas are opening up in immunity merchandise as nicely, Mariwala stated. Hygiene, immunity, and different well being issues will stay high priorities. The pandemic has elevated the velocity of innovation, he noticed.
Winners of the COVID-19 problem awards had been Shreeyash Electro Medicals, KPIT Applied sciences, Nocca Robotics, CREA, and Saral Design Options. They got here up with merchandise like inexpensive ventilators, PPE kits, and surgical masks.
MIF and grassroots innovation
Given India’s huge socio-economic disparity, it’s key to make innovation inclusive and impactful as nicely. “It is vitally related to advertise innovation at grassroots ranges,” Mariwala defined. Innovation can play an important function in areas like schooling, healthcare, and agriculture the place India has large challenges
Improvements in these sectors impression productiveness and efficiency. Examples embody e-learning and e-consultation, and digital platforms and channels will speed up innovation, he stated, pointing to how smartphones have impacted our lives.
Innovation insights from winners
“Winners suppose in a different way. They’ve audacious targets,” Mariwala stated, commenting on the winners of this yr’s awards.
“Pondering in a different way by itself isn’t sufficient. You want to have correct execution,” he advised. Profitable innovators have a willingness to take the chance and a capability to deal with setbacks. Ardour and persistence are crucial qualities.
“Innovation is on the highest of the agenda for world CEOs and smaller corporations,” Mariwala added. “It’s a extremely aggressive market and you’ll’t maintain with me-too merchandise. It’s important to develop merchandise which might be differentiated or are pioneering,” he emphasised. Distinctive companies or expertise upgradation are types of innovation.
“A powerful proper to win helps you succeed out there,” Mariwala suggested. Innovators want the backing of a good staff and the precise organisational tradition as nicely. “You want the expertise to excellent the product and scale it up,” he stated.
Movies and publications
A few of the previous winners have showcased their achievements in curated TED-style speeches. Current winners embody unicorn Rivigo, which has uplifted lives of truck drivers by way of its ‘driver-relay’ mannequin. Tonbo Imaging makes driver imaginative and prescient programs for autonomous automobiles.
Forus Well being detects and prevents untimely blindness in infants. Agastya Worldwide Basis has revamped STEM schooling for needy faculties. ERAM has developed unmanned, automated e-toilets. These are a number of the winners from 2016 and 2018.
This yr, the Jaico e book 7 Sutras of Innovation by Nikhil Inamdar was launched to report the journeys of eight winners of the MIF awards. The featured winners are Tonbo Imaging, Goonj, Rivigo, ISRO, Forus Well being, Agastya Worldwide Basis, The Higher India, and St. Judes.
The highway forward
The MIF awards have an evaluation course of that’s revered by the trade, with the jury assembly twice and backed by a data associate who verifies all claims. The best way the awards operate is carried out, together with audio system and panels, has additionally been recommended. “It’s extra a studying occasion than an awards operate,” Mariwala defined.
MIF extends assist to the winners after the awards course of as nicely, he added. Acceleration programmes assist them with execution functionality or scaling up manufacturing capability. Help is given by the Marico staff and exterior consultants or ex-CEOs.
“Influence can solely be created if you’ll be able to scale up your innovation,” Mariwala indicators off.
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