India's I Prize Foundation: A Call to Action to Spur Indian Innovation

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In an Editorial, The WIRE Group's Mark Fidelman Declared a Call to Action to Develop India's Innovation Culture

The WIRE Group's Mark Fidelman recently wrote an editorial on Where Are India's Innovative Companies, Products and Solutions? to share strategies on how to create an innovative ecosystem in India. Fidelman also publicized a new I-Prize initiative to immediately drive innovation efforts while encouraging his counterparts to participate.

"Imagine a gifted inventor receiving a 40 crores (US $10 million) reward for inventing a solar powered mobile phone or even a smaller 1 crore (US $250,000) prize for inventing a very safe, zero emission, 3-4 passenger vehicle. The I Prizes would invigorate inventors in waiting and provide them a clear path to become wealthy and widely recognized while helping to solve challenges critical to India's continued growth. The possibilities are endless," Fidelman said.

The I-Prize innovation program is a call to action that will focus on one mission - "to unleash the creativity and dynamism of the average Indian to solve pressing public sector and private sector challenges, while simultaneously creating valuable, globally competitive private enterprises as the vehicles to deliver and profit from these solutions."

Key aspects of the proposed program require Multi-National Corporations (MNC's), India's largest corporations and the India Government to fund multi-million dollar innovation prizes targeted at public/private partnerships, the key Indian institutes of higher learning, and the Indian diaspora spread across the planet.

The I-Prize would target specific domain areas e.g. energy, transportation, communications, education, affordable housing, health care, rural development, job creation etc. The prize would be open to Indians, Indian Companies or global companies willing to operate in India.

Fidelman added, "If all of us execute a set of I-Prize commitments over the coming years, India will create a vehicle of active participants and a call to action for others across the public and private sector to contribute toward a sustainable innovation ecosystem for India."

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Faisal Colton
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