Biocon Limited, biotechnology company and the Indian School of Business (ISB) have launched the Biocon Cell for Innovation Management (BCIM) to promote innovation in business. The Cell will be established under the aegis of the Centre for Leadership, Innovation and Change (CLIC) at the ISB. BCIM at the ISB will help organisations find answers to questions such as the gaps in a company's ability to innovate, assessing the required understanding to manage and mitigate risks associated with innovation and how to produce high value, high quality, strategic innovation at low cost. Biocon is contributing an initial investment of Rs.1 crore to set up BCIM.
Commenting on the new initiative, Kiran Mazumdar Shaw, Chairman & MD of Biocon Ltd., and Executive Board Member, ISB, said, "We have to find new solutions for the unique challenges we face in India and Innovation is the key to forge this. At Biocon, innovation has been our driving force right from inception. I would like the Biocon Cell for Innovation to understand the process of innovation and create and develop champions who will make innovation a part of company culture."
Biocon will provide funding over a minimum 10 year period as and when required.