Schaeffler India announces 11 winning ideas forits Social Innovator Fellowship Program

Pune | July 7, 2022:Leading industrial and automotive supplier, Schaeffler India Limited (BSE: 505790, NSE: SCHAEFFLER) today announced 11 winning ideas out of 150 shortlisted entries for itsSocial Innovator Fellowship Program. At an event held in Pune, 11 ideas were announced as winners, from over 150 entries that were shortlisted after 24 weeks of evaluation and jury process. The Social Innovator Fellowship Program was announced by Schaeffler India in the third quarter of 2021. Applications were invited in areas of education for the underprivileged, health & nutrition, renewable energy & environment, water conservation, and waste management. Schaeffler partnered with Buddy4Study, India’s largest scholarship platform that connects scholarship and education loan providers with seekers to facilitate the initiative.

The 1st winning idea received a monetary support of INR 5,00,000 and the remaining 10winning ideas received INR 1,00,000 each. Further, all the 11 winners will undergo an eight-week hybridmentorship at CIIE (Centre for Innovation Incubation and Entrepreneurship)IIM Ahmedabad, one of India’s top Business schools to help them further develop and scale their solutions. Additionally, Schaeffler India will collaborate with winners and provide them access to its network to further collaborate and create opportunities.

The jury comprised of Mr Harsha Kadam – Managing Director and CEO, Schaeffler India; Mr Santanu Ghoshal – Vice President HR and Head of Sustainability India and eminent social entrepreneur and Ramon Magsaysay award winner Mr Anshu Gupta – Founder of Goonj.

Schaeffler India is actively pursuing its ESG strategy to drive holistic development and growth. A part of Schaeffler India’s social development initiative, the program acts as a catalyst to identify and strengthen the capacity of young innovators who are working to transform the areas of education for the underprivileged, health & nutrition, renewable energy & environment, water conservation, and waste management.

Congratulating the winners, Mr Harsha Kadam said, “Innovation and development leads to growth, but equitable innovation is key to inclusive growth. It is heartening to see so many passionate ideas aided by technology, potentially impacting the social fabric in a positive way. We are seeing technology disruptions all around us promoting growth and holistic development and at Schaeffler India we are conscious of this fact and therefore announced this platform.”

On the announcement, Mr. Santanu Ghoshal said, “We are deeply committed to advancing the prosperity and progress of our communities. The Schaeffler India Social Innovator Fellowship Program aims to harness and support the pioneering spirit of young and passionate innovators across India to bring improvements to social and ecological issues. Our heartiest congratulations to the outstanding group of leaders selected for this fellowship program, who demonstrated a strong commitment to developing transformative solutions to 21st-century problems that result in more resilient systems, communities, and people.”

Mr. Anshu Gupta, Magsaysay awardee Social Entrepreneur and Founder – Goonj, while judging the event commented, “While judging the event commented, “Being a part of this event was an extremely gratifying and enriching experience. I congratulate all the winners who have passionately pursued their ideas and commend the teams of Buddy4Study and Schaeffler India, for creating this platform to bring forward transforming social impact ideas. It is good to see how youth from diversified backgrounds are trying to understand the core of issues and bringing new approaches and solutions.”

Selection Process:

The nomination process for the fellowship began in September last year. Schaeffler India received 557 applications from young innovators across the country. These nominations were subjected to a transparent and rigorous three-step selection process consisting of interviews and presentations to the jury panel and Schaeffler India leaders. In the primary check round, 167 candidates were shortlisted out of 557.

In the first round, the shortlisted candidates were judged on four different parameters i.e., – the age group, the current stage of their social venture, category of the idea and introductory deck/ video pitch. In this round 42 candidates were shortlisted for the 2nd round of selection.

The second round was conducted by trained Schaeffler employees from different locations in India and the candidates were judged on a holistic questionnaire and score card. After the 2nd round, 11candidates were shortlisted for the third and final round.

In the final round, these 11 candidates presented their solution to an august jury panel, comprising of Schaeffler India leaders and a social entrepreneur. Basis the presentation and subsequent interview, the panel has selected the following winners: (at a felicitation ceremony)

You can read about these projects as an annexure to the press release.