[A2k] Times of India: Mahindra's $1m bounty awaits desi innovators
thiru at keionline.org
Thu Feb 27 07:49:22 PST 2014
Mahindra's $1m bounty awaits desi innovators
Reeba Zachariah & Boby Kurian,TNN | Feb 27, 2014, 02.06 AM IST
MUMBAI: Industrialist Anand
throwing a million-dollar challenge to solve two of India's most pervasive
and intractable problems--traffic stress and electricity shortages. The
chairman of the automobile-to-aerospaceMahindra
calling for competitive pitch to develop a driverless car and a
do-it-yourself solar power kit from desi innovators.
This is part of Mahindra's first edition of the $1 million 'Rise
Prize'--being unveiled on National Science Day later this week--to spur
breakthrough Indian innovation which captures the mainstream imagination.
The boss of the $16 billion Mahindra Group hopes the new recognition--at Rs
6.2 crore, it's one of the heftiest awards in terms of prize money--would
foster scientific thought that is aspirational and has potential to change
everyday Indian life.
"We have to set our own benchmark or metrics to value innovations which
impact a part of our lives. Our best minds are used to looking for
recognition outside India. The objective is to trigger disruptive
innovation in the country," Mahindra told TOI.
The inaugural Rise
see Mahindra posing two challenges--a $700,000 one aimed at building a
driverless car for the congested domestic roads, and a $300,000 challenge
to develop a solar DIY kit for household energy needs.
Internet giant Google has been pioneering a project developing technology
for self driving cars. Its lead engineer Sebastain Thurn and his team at
Stanford created the vehicle prototype after winning a $2 million prize
from the US Department of Defence.
"The twin challenges have been selected on the basis of relevance to
society, potential to create disproportionate impact, scalability and
probability of causing a multiplier effect in allied areas," Mahindra said.
"We hope this will ignite ecosystem building and change societal mindset.
This is going beyond jugaad, or making do," he added.
The competition will be launched on February 28 and candidates at all
stages of technological readiness can apply. The first edition will have a
timeline of 24-36 months split into three phases--first 90 days for
submitting proposals, followed by prototype creation and real world
Mahindra is lining up a 100-member team that will include subject experts
who would engage with the aspiring innovators throughout the process. The
group will not have any rights on the winning innovations. "It's completely
open source and has nothing to do with our group businesses," Mahindra said.
The Mahindra move comes at a time when Indian entrepreneurial steam has
gathered momentum in recent years, aided by the availability of patient
private capital in Asia's third-largest economy.
A recent Kauffman Foundation study shows that 33% co-founders of the US
engineering and technology start-ups since 2006 were Indians leaving other
immigrant countries far behind. IITs were among the top 10 higher
educational institutes in the world that have produced founders of US
startups that have raised venture capital funding in the past five years.
A decade-long economic buoyancy and a swelling middle class have created
newer markets for products and services where entrepreneurs are kicking up
action. Still, disruptive scientific and technology innovations that are
'Made in India' remain a far cry.
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