In a move aimed at promoting a culture of innovation in India, the Mahindra group, on Thursday, launched the country’s biggest innovation prize — the ‘Rise Prize’ offering $1 million for disruptive innovations.
“With the Rise Prize, the Mahindra group wants to provoke big disruptive ideas that can dramatically change lives. We are offering a big incentive for fresh thinking among the next generation of innovators in our country. Our ambition is to propel India into the next orbit of innovation and develop the nascent innovation ecosystem in India,” Anand Mahindra, Chairman, Mahindra Group, said in a statement.
Two challengesThe group launched its Spark the Rise (STR) initiative in 2011 to catalyse entrepreneurship through collaboration.
It has raised up to $1 million, awarded 100 grants and built over 20 partnerships. The new initiative will start with two challenges — the Mobility challenge inviting solutions for driverless cars and Solar Challenge for innovative ideas in the area of affordable DIY Rooftop solar kits.
Speaking to The Hindu , S. P.Shukla, President-Group Strategy & Chief Brand Officer, Mahindra Group, said the award was spread over 18-30 months.
“We will see the response and then proceed. The award will consider innovations that have a maximum impact on society.
“The idea also should be scalable and result in a tangible benefit to society and the product should have a multiplier effect of multiplying the benefit by the nature of the product”.
Mr. Shukla expected this to evolve. “We have no right over the product, process or design. It is an open source, and our only goal is to promote breakthrough innovations in India”.
