Marico announces Rs 2.5 crore grant for innovative Covid-19 solutions
Fast-moving consumer goods business Marico, via its Innovation Foundation, has launched a Rs 2.5 crore ($338,000) grant for innovative, cost-effective ventilators and personal protective equipment to fight Covid-19 in India.
Marico Innovation Foundation has launched ‘Innovate2BeatCovid’ as a nationwide hunt for solutions to counter the spread of the virus, it announced on its website. The challenge launched on March 29 in collaboration with the ATE Chandra Foundation and entries will be open for 30 days.
“Marico Innovation Foundation is calling upon medtech entrepreneurs, corporates and innovators who can solve the med-tech challenges faced in the on-going Covid-19 crisis,” announced the organisation on its website.
“As the pandemic progresses, the grand challenge may expand to other items of critical need in consultation with medical experts.”
The organisation is looking for ready-to-go solutions that can be mass produced as quickly as possible, as well as simple-to-deploy technology. Entrants should be open to making their solutions open source and compliant with medical standards. The organisation also stated that it will not take any equity from any of the winning solutions.
Marico runs a wide range of FMCG brands in India including Parachute coconut oil, a wide range of hair products, and other personal care products.
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