Biocon Limited, India's pioneering biotechnology company, and the Indian School of Business (ISB) have launched the Biocon Cell for Innovation Management (BCIM) to promote innovation in business.
Biocon would contribute an initial investment of Rs one crore to set up BCIM. The company would provide funding over a minimum ten-year period as and when required.
The Cell would be established under the aegis of the Centre for Leadership, Innovation and Change (CLIC) at the ISB. BCIM at the ISB would help organizations 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 and high quality strategic innovation at low cost.
In a statement here today, Biocon Ltd Chairman and MD and ISB Executive Board Member Kiran Mazumdar Shaw 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,'' he added.
The partnership between Biocon and ISB further strengthened the trend started by ISB when its founding fathers attracted the support of industry to establish an international quality business school in India.