Bajaj Electricals launches ‘Innovate and Rise’, a first-of-its-kind open innovation platform in India to co-curate innovation in the consumer durables and lighting space

Bajaj Electricals launches ‘Innovate and Rise’, a first-of-its-kind open innovation platform in India to co-curate innovation in the consumer durables and lighting space

Bajaj Electricals launches ‘Innovate and Rise’, a first-of-its-kind open innovation platform in India to co-curate innovation in the consumer durables and lighting spaceThe platform is a step toward partnering with the external innovation ecosystem to deliver on the Company’s most challenging opportunities

Mumbai, 08 September 2022: India’s leading consumer durables company – Bajaj Electricals Limited, with a vision of enhancing the quality of life and bringing happiness with sustainability, today launched a new first-of-its-kind open innovation platform ‘Innovate and Rise’ to engage with the external ecosystem in driving innovation across Consumer Products and Lighting businesses. Bajaj Electricals aims to partner with individual inventors, academics, designers, research institutions, universities, start-ups and other small, medium, and large companies, and existing and potential new suppliers to ideate and deliver on the company’s most challenging opportunities. All the details are available on their website: https://innovateandrise.bajajelectricals.com/

‘Innovate and Rise’ will play an instrumental role for the company in discovering and harnessing business and product ideas across its Consumer Products and Lighting business verticals. The company calls out to external innovators to come up with new product ideas that help solve some of the complex problems faced today and deliver a stronger consumer proposition. These challenges have been uploaded on the platform to invite applications with focused selection criteria depending upon the inventiveness, business relevance, commercial viability, etc. of the innovation. The submissions will be reviewed by an internal committee and the decision will be communicated to the innovators within 3 weeks’ time.

Speaking on the initiative, Anuj Poddar, MD & CEO, Bajaj ElectricalsLimitedsaid, “The new normal has proven the adage innovate or perish, emphasizing how crucial innovation will be as we move forward. Solutions that solve real problems and provide superior propositions to today’s consumers in a manner that is disruptive, economically viable, and has scalability potential are the need of the hour. As one of the building blocks of our open culture at Bajaj Electricals Limited, we are keen to partner with the industry and the broader ecosystem to take the power of innovation to every Indian household. This will provide a unique opportunity for the wider community and driven minds to work on real-world opportunities and potentially see their ideas go on to take real shape and presence in the market. Based on the viability of the idea, we will partner with the innovator through a mutually agreed contract and commercial terms to further help scale the solution.”

Bajaj Electricals is currently actively seeking solutions from external innovators under various categories like kitchen appliances, domestic appliances and fans; and will soon further extend the invite to consumer lighting and luminaire categories as well. Designing mixer grinders for silent operations or inviting innovators for solutions around air coolers that can work effectively in humid conditions or designing silent air coolers, energy conservation in household appliances, and easy cleaning of domestic & kitchen appliances are some of the challenges already posted on the platform.

 

About Bajaj Electricals Limited:

Bajaj Electricals Limited, a globally renowned and trusted company, with a turnover of INR 4,813 crores (FY 21-22), is a part of India’s leading business conglomerate “Bajaj Group”. With a business portfolio that spans Consumer Products (Appliances, Fans, Lighting) and EPC (Illumination, Power Transmission, and Power Distribution), Bajaj Electricals also has a strong presence in premium home appliance and cookware segments with brands like Morphy Richards and Nirlep Appliances. The company has an expansive network of 18 branch offices, 500+ distributors and more than 2.18 lakh + retail outlets across India combined with over 500 consumer care centers, fortifying its dominant presence in the consumer products sector. The portfolio under the EPC segment of Bajaj Electricals includes EHV transmission line projects, EHV substations, monopoles for transmission and distribution, electrification projects, high mast and street lighting, sports lighting, industrial and commercial lighting, specialized illumination projects on a turnkey basis, and other solutions. Bajaj Electricals has always lived up to its ethos of putting the consumer first and meeting its core brand value of “Inspiring Trust”.