(BOSTON, MA) (PRWEB) April 27, 2012
ChotuKool, a portable cooling solution from Indian multinational Godrej & Boyce, was awarded the gold seal for best new product in the lifestyle and social impact category at last night’s renowned 2012 Edison Awards. Celebrating its 25th year, the Edison Awards honor innovative products, services and business leaders, and have become an international symbol of innovation and ingenuity in business.
ChotuKool was born out of a collaboration between Godrej & Boyce and Boston-based strategic innovation consulting firm Innosight. The team applied innovative thinking and processes to address the problem of food spoilage in rural India, determining this market needed an affordable, mobile solution to keep food cool for one or two days. See the story about how ChotuKool came to life.
Conventional refrigerators are not widely available or practical in these communities, so ChotuKool offers a much-needed alternative. Leveraging Innosight’s business model innovation expertise, Godrej & Boyce also developed an innovative financing plan and a low-cost distribution system to generate profits and reach rural consumers.
Designed with frugality and convenience in mind, ChotuKool symbolizes what the Edison Awards represent. Running on battery power, weighing only 7.8 kg and costing less than $70, ChotuKool has made it possible for leftovers to be stored for consumption the next day in areas of the world where saving food is essential. ChotuKool serves the base of India’s economic pyramid, where 80 percent of the households don’t own major appliances and one-third of all food is forfeited due to spoilage.
“It is extremely gratifying to see ChotuKool recognized alongside such outstanding competition,” stated Hari Nair, Vice President, Emerging Markets and New Products at Innosight. “ChotuKool, the Whirlpool ACE and Rural Shores are testament to the fact that innovation isn’t just good for business, it’s good for society.”
The early success of ChotuKool led to Godrej being named India's most innovative company of the year by Business Standard magazine in a ceremony conducted by the nation's Prime Minister. BusinessWeek and Fast Company also named Godrej one of the world's "most innovative companies."
Now in its 25th year, the Edison Awards evolved the evaluation criteria for the 2012 season, placing extra emphasis on four main elements: concept, value, delivery and impact. These criteria redefine innovation and pay tribute to namesake Thomas Edison, whose new product development methods, 1,093 U.S. patents and innovative business sense made him an enduring figure in the history of innovation.
Innosight is an innovation and growth consulting firm that helps clients achieve growth through innovation. It partners with organizations to help them devise growth strategies, build innovation capabilities, implement business model innovation and create products and services that improve people’s lives. Innosight, with offices in Boston, Singapore and India, works with startups to Fortune 500 companies from a variety of industries and believes that developing innovation capabilities is essential for long-term and sustainable growth.