M&M promotes innovation with its Rise Prize initiative

Tags: News

Organisation to give $1m award to world-class ideas

Mahindra & Mahindra (M&M) has given a major thrust to promote innovation in the country with the launch of $1 million prize money under two categories — to innovate on a driverless car and 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 to retain them. Our aim is to provide this opportunity to people who are capable of developing world-class technology, world-class companies led by Indians,” said B Karthik, senior general manager, corporate brand management.

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 the jury and to advising participants.

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

“A foreigner working in an Indian company or settled in India is allowed to participate but an Indian settled abroad cannot take part in this competition,” said Karthik adding that the aim of this competition is to encourage innovation within India.

A large team of 30 to 40 people from Mahindra and 50 to 60 people from outside Mahindra will manage the Rise Prize. Rise Prize is expected to spark both, collaboration and competition at academic institutions, research and development labs, start-ups and established organisations.

“We intent to make Rise Prize an aspirational recognition of the highest level for disruptive and world-class innovation,” said Karthik.

An advanced exchange section on the platform will enable people across the country to connect with one and another, exchange ideas, debate, share resources and together contribute to the flowering of ideas and disruptive thinking.

The resource section on the platform is to create and also curate content pertaining to innovation, world-class thinking, best practises and inspirational articles and videos. There will be workshops held during the duration of the challenges to bring together various experts from the ecosystem to interact with the participants and other stakeholders to promote interactions, discussions and exchange free flow of ideas.

The Rise Prize will be hosted on the digital platform(www.sparktherise.com). The challenge will run in stages like concept, prototype and real world demonstration. Rise Prize which was launched on Tuesday has already received 10 applications and is open till August end for application filing.

jharnamazumdar

@mydigitalfc.com

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