In The News
27 Mar 2014

Mahindra offers $1m to best Indian innovation


Mumbai: Mahindra and Mahindra (M&M) has given a major thrust to promote innovation in the country with the launch of a $1 million prize money under two categories to innovate on a driverless car and a do-it-yourself (DIY) rooftop solar kit.

The initiative called Rise Prize is an attempt to build an innovation culture and create a robust innovation ecosystem that will produce world class work in the country.

“There is no dearth of talent in the country, but most of our talent migrates and settles abroad as there is not enough opportunity here to retain them. Our aim is to provide opportunities to people who are capable of developing world-class technology and world-class companies led by Indians,” said B Karthik, senior general manager, corporate brand management at M&M.

These challenges are selected on the basis of relevance to society, degree of challenge involved, potential to create disproportionate impact, scalability and probability of creating a multiplier effect in allied areas.

The Rise Prize will see an extensive network of technologists, academia, subject matter experts and professionals playing different roles from mentoring, to serving on thejury, to advising participants.

The challenge is open to individuals, teams and organisations, with the only condition being that the work must be done in India.

“A foreigner working in an Indian firm or settled in India is allowed to participate, but an Indian settled abroad cannot take part in this competition,” Mr Karthik said.

Source: Deccan Chronicle