Marico Innovation Foundation launches its innovation playbook

Marico Innovation Foundation announced the launch of the first of its kind playbook that can be the key to unlocking latent opportunities to address the swelling global challenge that plastic waste presents. The report titled “Innovation in Plastic: The Potential and Possibilities”, provides actionable solutions across the plastics value chain which can aid and address the challenges of plastic waste management for India in the short, medium and long term – from collection, to sorting, to recycling and also providing viable alternates to plastics.

Marico Innovation Foundation collaborated with Indian Institute of Science (IISc) and Praxis Global Alliance as knowledge partners to develop the playbook. The partners assisted in identifying the challenges created by plastic waste at macro and commercial level as well as outlining opportunities and recommendations in the plastic waste management space while dispelling myths, especially on bioplastics. The research methodology comprised of in-depth assessment with corporate leaders, start-up ecosystem players, industry experts, and scientists.

Padma Vibhushan Dr. Raghunath Mashelkar, Hon’ Emeritus Chairperson of Governing Council of Marico Innovation Foundation and Jury chair said, “This timely report succinctly captures not only the problem of plastic waste but also proposes very imaginative solutions that can not only stand to benefit our nation but the world. The report is a comprehensive playbook for both public and private sectors alike on how plastics can be reimagined and repurposed now and in the future.”

The playbook also features 15 innovations that are not only first to nation but also first to world in some cases that address plastic waste with their unique and path breaking solutions. The report also lists models communities and cities that have addressed the plastic waste challenge through a host of innovative initiatives.

Speaking on the initiative, Mr. Harsh Mariwala, Founder of Marico Innovation Foundation & Chairman of Marico Ltd said, “We understand the critical need to build an ecosystem that can help deliver innovative solutions for global problems. It is why Marico Innovation Foundation (MIF) came into existence, and has been at the forefront of India’s innovation story. Plastics was ripe for this intervention. The playbook is only the first step to help evolve an ecosystem for innovation within this sector. MIF is committed to create a long lasting and meaningful change and will be actively involved in helping innovations in this endeavour, thrive.”

Mr. Amit Chandra, Honorary Chairperson – Governing Council – Marico Innovation Foundation and Chairperson, Bain Capital India Office said, “Some of the innovations featured in the playbook are not only India-first but also world-first with their potential to solve for plastic waste management, circularity, replacing plastics with more sustainable solutions that diverse stakeholders including governments and businesses can benefit from.” He added “With the right ecosystem support these innovations hold the promise of delivering viable game changing solutions that could reframe the future for generations to come.”

Stepping away from the notion of treating plastic as a problem MIF provided a fresh solution forward perspective at the event, with Mr. Ankur Warikoo presenting the innovations featured in the report in an interactive session to audiences present.

Marico Innovation Foundation was founded in 2003 by Harsh Mariwala at a time when innovation was not a focus of the government or corporates. Through its sector agnostic programs, the Foundation works closely with innovative and impactful ventures across the business and social sectors. Their aim is to make innovation mainstream thereby adding value to India’s growth story. The Foundation is guided by a Governing Council comprising the likes of Amit Chandra, Rajeev Bakshi, Ramji Raghavan, Sam Balsara, Anu Aga to name a few. The two core programs are Scale-Up Program –a deep-rooted mentoring program that tangibly impacts the scale of start-ups and Innovation for India Awards- a most prestigious platform for recognizing undiscovered innovations.