Organisations need to focus on the 5 Cs of innovation to inculcate the right culture for new ideas to thrive, said Suresh Narayanan, Chairman and Managing Director of Nestle India Ltd. Speaking as the chief guest at the 12th Chinni Krishnan Innovation Awards held last weekend at the IIT Madras Research Park, Chennai, Narayanan said corporates need to look at firstly, the challenge of innovation and secondly the context of innovation, where consumer insights are important as what to do with a new product launch.

Corporates need to focus on cultivating design thinking, putting a consumer-first approach. The fourth C Narayanan referred to is co-creating solutions with consumers and suppliers and stakeholders. No longer can firms develop products in an inward looking way; he referred to Nestle developing a millets porridge processing bajra, developed along with the Indian Institute of Millets Research in Hyderabad. Lastly, firms need to build a culture of innovation, he said.

The awards, hosted by CavinKare in partnership with the Madras Management Association (MMA), celebrate visionary entrepreneurs who are driving transformative innovations to tackle real-world challenges. This annual event, dedicated to discovering hidden entrepreneurial talents, celebrated the accomplishments of three innovative ventures.

The following entrepreneurs were awarded the coveted 12th CavinKare-MMA Chinnikrishnan Innovation Awards 2023:

The first award went to Trestle Labs Pvt Ltd, headed by Bonny Dave and Akshita Sachdeva. Their innovation is Kibo (Knowledge-in-a-Box), which is an AI-powered patented end-to-end product suite that allows users to listen, translate, digitize and audiotize content from printed, handwritten or digital format across 60 global languages including 13 regional Indian languages. This technology makes education and employment inclusive for everyone with language and learning disabilities like blindness, low-vision and dyslexia. This innovation has impacted more than 1 lakh individuals, including 600-plus educational institutions, NGOs and businesses.

The second award went to MiniMines Cleantech Solutions Pvt. Ltd, led by Arvind Bhardwaj and Anupam Kumar. MiniMines provides sustainable solutions for end-of-life lithium-ion batteries. Their proprietary technology - called ‘Hybrid Hydrometallurgy’ — can help recover up to 96 per cent of all materials found in lithium-ion batteries, thereby reducing the environmental impact of discarded batteries and creating a circular economy that preserves critical resources. This innovation helps in creating a reversible supply chain and generating huge employment opportunities.

The third award went to Alfaleus Technology Pvt Ltd, led by Sandal Kotawala. The innovation is an Intelligent Vision Analyser (iVA), a virtual reality-based device for screening and diagnosing glaucoma. When placed around a patient’s head, this device helps in giving regular updates to the patient and doctor, thereby making glaucoma testing accessible, affordable, and available. This innovation is a boon for the 12 million Indians suffering from glaucoma, and it has already reached far-flung regions of the country.

In recognition of their outstanding contributions towards innovation, the winners were presented with a cash reward of ₹1 lakh each by CavinKare along with a trophy and citation.

Addressing the audience, CK Ranganathan, Chairman & Managing Director of CavinKare Pvt. Ltd, said, “It is indeed a wonderful experience to celebrate the brilliance of these innovators whose creations not only ignite creativity but also address significant real-world challenges. The Chinni Krishnan Innovation Awards recognizes their dedication to finding practical solutions that reshape the way we address complexities. In a rapidly evolving world, their achievements remind us that innovation is a driving force for positive change.”

The call for nominations process received an overwhelming response, with more than 210 applications from across the country. Nominees underwent rigorous scrutiny and interviews, following stringent guidelines streamlined by the process advisor, Shardul Amarchand Mangaldas. The panel of jurors for these awards comprised: P. Elango, Managing Director, Hindustan Oil Exploration Pvt. Ltd; Natesh Balakrishna, Managing Director, South Asia, AS APAC, Dormakaba India Pvt. Ltd; Lakshminarayanan Duraiswamy, Managing Director, Sundaram Home Finance Ltd and Mridula Ramesh, CEO, Sundaram Climate Institute & Executive Director, Sundaram Textiles.

Established in 2011 as a tribute to the late R. Chinnikrishnan, whose innovations revolutionized the FMCG industry, the awards have previously recognised numerous small-scale firms for their ground-breaking innovations. Since its inception, the awards have honoured more than 30 enterprising entrepreneurs from across the country. Now in its 12th year, the awards have expanded their search for the most outstanding entrepreneurs nationwide. CavinKare provides mentorship to the winners of the innovation awards in various fields, including marketing, finance, design, packaging, R&D and HR.

comment COMMENT NOW