Mumbai, Maharashtra -- (SBWIRE) -- 08/24/2009 -- Marico Innovation Foundation (http://www.maricoinnovationfoundation.org) announces its 3rd edition of the Innovation for India Awards to be held on 12th March 2010 in Mumbai. A significant initiative by Marico - the “Marico Innovation Foundation” was founded in 2003, with an objective to fuel Innovation in India. Under the leadership of stalwarts like Dr. Ramesh Mashelkar, the Foundation focuses on providing the country with a belief that Innovation is a crucial way to leapfrog into the center stage of global business leadership.

Over years the Foundation has effectively played the role of a catalyst by creating knowledge through years of in-depth research, multiplying this knowledge through various platforms and recognizing breakthrough innovations through its Innovation for India Awards.

Innovation for India Awards is the prestigious recognition for business and Social entities that have done some amazing breakthroughs that could hold lessons across all sectors. This year the Innovation for India Awards has added a new category- Public Services, which includes all innovations by Central or State government or any wing of the government including public-private partnership has innovated and have displayed a ‘clear public impact’.

So far the Awards have been recognizing and applauding outstanding leadership with innovative focus in Business and Social arena. Its intent is to reward projects and businesses that make a real difference to India and community at large. Based on the criteria of uniqueness, impact & scalability, ‘India’s Best Innovations” are declared at these Awards. Over the last 3 years, 23 such innovators have been recognized which includes organisations like Kirloskar Brothers, BOSCH MICO and Titan Industries Limited & Azim Premji Foundation, MV Foundation, Trichy Police and Kudambashree, ITC IBD, Evalueserve. Tata Motors was recognised for their spirit of Innovation – The NANO by being bestowed with the Global Game Changer Award at the 2008 Awards.

The Awards nomination process for this year has started and applications are being invited till September 2009.

The Award winners will get felicitated in Mumbai in the presence of industry stalwarts and some of the best innovators in the country. Besides a a cash prize of Rs 1 lakh, the Foundation would also extend its illustrious Governing Council’s support as mentors to the winners and a platform with VCs and angel investors.

Any Indian company, social organization, government body and/or individuals who have successfully conceptualized and nurtured a brilliant idea, made it work and brought it to market is eligible to participate.

The three categories under which Innovation will be awarded are – Business Innovation (Products/Services, Business Model and Innovation in social space by a business organisation) and Social Innovation (innovation by a social organisation). Public Services Innovation (innovations by Central or State governments or any wing of the government including public-private partnership)

The guiding principles for selection of Awards are transparent, Qualitative, Consistent and Fair. A high profile jury consisting of India’s most respected and eminent personalities, will judge the Innovations on the basis of its uniqueness, sustainability and scalability through a rigorous four-stage selection process.

For the purpose of evaluation of candidates, and architecting the awards process, the Marico Innovation Foundation uses Erehwon Innovation Consulting’s path-breaking innovation methodology and framework. This methodology has been used successfully for innovation evaluation across various platforms globally.

To apply for the Awards visit http://www.maricoinnovationfoundation.org/.

Dr R A Mashelkar, FRS CSIR Bhatnagar Fellow, National Chemical Laboratory & Chairman of The Marico Innovation Foundation states that “The Foundation’s mission is to encourage Innovation in India, by providing the nation with a belief that Innovation is indispensable and is the way to leapfrog India into the center stage of global business leadership. Through these awards we want to commemorate projects and businesses that make a real difference to the country and community at large.”

"Innovation in India is a key theme in India's global repositioning as an emerging economic superpower. With the second edition of the Innovation for India awards, the Marico Innovation Foundation seeks to continue to fuel innovation in India- amongst other achievements, let Indian businesses build a cascade of successful and enduring Indian Global brands,” believes Mr. Harsh Mariwala, Council Member, Marico Innovation Foundation & Chairman and Managing Director, Marico Limited

About Marico Innovation Foundation
The Marico Innovation Foundation was created in March 2003 under the stewardship of Dr. Ramesh Mashelkar. The Foundation’s Mission is to Fuel Innovation in India, by providing the nation with a belief that Innovation is possible and is the way to leapfrog India into the center stage of global business leadership. The Foundation also believes that a framework will enable leverage innovation for quantum growth. The foundation is steered by a governing council that oversees both its vision and direction.

The reach is first envisioned to cover the business community, both professional and entrepreneurial. The reach will soon expand to future business leaders and the general public. The Marico Innovation Foundation is led by its Council Members, who are visionaries like Dr R A Mashelkar, FRS, CSIR Bhatnagar Fellow, National Chemical Laboratory, Anu Aga, Chairman, Thermax, Sam Balsara, CEO, Madison, Ashwin Dani, Vice Chairman, Asian Paints, Ranjan Kapur, Country Manager, WPP, Arun Maira, Chairman, Boston Consulting Group, Harsh Mariwala, Chairman & Managing Director, Marico, K V Mariwala, EX-Director, Marico, Rajiv Narang, Chairman & Managing Director, Erehwon Innovation Consulting, Dorap Sopariwala, Consultant. Visit www.maricoinnovationfoundation.org for more information.