Marico’s Harsh Mariwala’s Marico Innovation Foundation is a 20-year-old initiative that has nurtured and incubated various socially impactful innovations. In a conversation with Fortune India, Mariwala discussed the evolution of innovation in India Inc. He noted that innovation is now a top priority for corporate CEOs, but there is still much to be done. Many organizations are hesitant to take risks and invest in innovation due to fear of failure, which is not conducive to a culture of experimentation. Mariwala emphasized the importance of encouraging people to take risks and embracing failure as a learning opportunity.
The entrepreneur ecosystem has evolved significantly over the years, with a rise in startups and entrepreneurs emerging from small towns with limited resources. Technology has enabled many of these entrepreneurs to leverage disruptions and launch new businesses. However, there is still a need for more social innovation in areas like healthcare, education, and agriculture.
Mariwala discussed several examples of climate-specific and sustainable entrepreneurial ventures, including Ishitva Robotics, which develops high-powered, AI-enabled garbage recycling machines. He also highlighted the potential for innovation in waste management, citing a project by ReSustainability, which aims to develop high-speed recycling machines to segregate and identify different types of plastics.
To set up impact-led enterprises, entrepreneurs need a mindset that is open to experimentation, risk-taking, and continuous learning from failures. Mariwala emphasized the importance of having a consumer mindset, working closely with customers, and being open to adopting innovations from abroad.
Many companies are talking about investing in sustainable practices, but few are truly walking the talk. Mariwala believes that sustainability initiatives can have a direct financial payback, citing benefits such as attracting top talent and improving an organization’s image. He emphasized that companies should consider multiple paybacks, including financial, social, and environmental, when evaluating sustainability initiatives. Overall, Mariwala’s views emphasize the importance of innovation, experimentation, and sustainability for driving growth and impact.