Mumbai, Maharashtra -- (SBWIRE) -- 05/10/2010 -- The 3rd edition of the Innovation for India Awards will be held on 17th May 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 the 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. 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 are eligible to participate for the Awards.

The three categories under which Innovation will be awarded at the Innovation for India Awards 2010 are - Business Innovation (Products/Services, Business Model and Innovation in social space by a business organisation), Social Innovation (innovation by a social organisation) and 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, have judged the Innovations on the basis of their uniqueness, sustainability and scalability through a rigorous four-stage selection process.

The winners of the 3rd edition of the Innovation for India Awards will be announced and felicitated on 17th May 2010 in Mumbai in the presence of Sam Pitroda, Adviser to PM on Public Information Infrastructure and Innovation, the chief guest of the ceremony, industry stalwarts and some of the best innovators in the country. Also present at the ceremony will be Rajan Mittal, Vice Chairman and Managing Director for Bharti Enterprises, who will share his views on innovation.

Besides 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.

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.

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.

For more information contact:

Pragni Sanghvi
Windchimes Communications
Pragni ( @ ) windchimes dot co dot in

Entry by invitation only. For passes, contact: Charusheela Ghadge - 022-66480626 charusheelag ( @ ) maricoindia dot net