Institute for Competitiveness, India is launching the Porter Prize named after Professor Michael E. Porter of Harvard Business School

New Delhi, India, Monday, August 27, 2012

Highlights

  • Coveted award ceremony to be held on September 28, 2012 in New Delhi
  • Aimed to recognize the strategic acumen of corporates in India
  • Companies will be awarded the Porter Prize across various categories
  • Nearly 26 companies have been shortlisted
  • Eminent jury members from academics, corporate world, ministries etc.
  • Initiated by Institute for Competitiveness, India
  • Professor Michael E. Porter will share his views at the event
  • Meeting place of more than 200 executives from various industries

Porter Prize is being organized in honor of the renowned philosopher; thinker, Harvard faculty member and Father of the modern strategic field, Professor Michael E. Porter.

Professor Michael E. Porter is a leading authority on competitive strategy, the competitiveness and economic development of nations, states and regions, and the application of competitive principles to social problems such as health care, environment, and corporate social responsibility. Professor Porter has been identified in a variety of rankings and surveys as the world’s most influential thinker on management and competitiveness. He is the Bishop William Lawrence University Professor at Harvard University, based at Harvard Business School. A University Professorship is the highest professional recognition that can be given to a Harvard faculty member.

The award would look at recognizing the best of Indian companies whilst assessing them on a robust framework. The central idea of the Porter Prize is to propel companies to compete on the basis of value creation, innovation and strategy. This year we are looking at recognizing organizations operating in India who have shown exemplary strategic acumen under the categories of distinctive positioning, tradeoffs, fit, industry architectural shift etc.

Porter Prize is based on four pillars – capitalizing on industry dynamics, segmenting strategically, leveraging unique activities and exploiting tradeoffs. There are 16 industry-based classifications such as finance, banking & insurance, food & beverage, retail & wholesale etc. under which many renowned companies have applied. Clearly, it is an opportunity for the companies operating in India to get tested on the basis of their unique strategy and receive the prestigious Porter Prize award, which is first of its kind.

The assessment is a three stage process with stage one related to filing of nominations, The second stage comprise of strategy audit where more information about their organization pertaining to their framework, strategy, value chain etc. Around 26 companies had been shortlisted like HDFC Standard Life, SIDBI, Airtel, Cinepolis, Mother Diary, Cargill, Apollo Gleneagles Hospitals, ICICI Lombard, Sealed Air, Airtel etc. The third stage constitutes the jury process. The members of the Jury would further evaluate the results and help in deciding the winners.

Porter Prize would be given under the following categories
–Industrial Architecture Shift
–Creating Distinctive Value
–Leveraging Unique Activities
–Exploiting Tradeoffs
–Creating Shared Value
–Value Based Healthcare

In addition, there would be a winner in each of the industry-based classifications. Porter Prize will not only assess and award the best companies but will also assist the participating companies to get a deeper hold on their strategy and methods to further enhance it by making them understand their company’s attractive and unattractive features etc.

The award ceremony on September 28, 2012 will have Sessions on Strategy and Shared value. In these sessions, experts from their respective field will express their views about strategy, innovation of products and services, etc. Moreover the shortlisted companies’ executives will throw some light on their company’s strategy and processes. Henceforth, Professor Michael E. Porter will share his thoughts on the award, overall process and Indian companies. Registrations are open for the people who are interested to attend the event at http://www.porterprize.in/register/

The Honrary Chairman, Institute for Competitiveness, Dr. Amit Kapoor said that “India represents a laboratory of strategies and Porter prize is not just mindful of but is more than happy to engage and celebrate with. It is confirmation of an arrival of India’s paradigm of strategy.”

Our insights partner Penn Schoen Berland (PSB) a global research based strategic communications advisory will unveil a poll of financial audiences to understand, ‘What creates Financial Competitiveness’? Speaking on need and importance of such a poll Mr. Ashwani Singla, MD & CEO PSB said, “PSB helps clients gain the Winning Knowledge™ that they need to gain a competitive edge and Porter Prize is a perfect platform. As the Indian economy tries to regain its strength; companies have their own challenges as they struggle to sustain investor’s interest. An initiative like this will help gain and understand of how to compete in receiving investor’s attention and loyalty.

Many companies have partnered with the Porter Prize. It is supported by Indian Public Diplomacy, Ministry of External Affairs and is powered by Aircel. Indian Institute of Corporate Affairs (IICA), FSG, Titan Industries, are the award partners for the event, Penn Schoen Berland as the Insights partner, Dow Chemical International Private Limited as the Benchmarking Report and Coffee Table Book Partner, Outlook Business are the exclusive Content Partner, Canon as Documentation Partner, The Leela Kempinski as the Hospitality Partner, Hammurabi & Solomon Consulting as the Legal Partner and The Viewspaper, as the Youth Partner. The Media Partners for the event are Mint, Governance Now, exchange4media.com and The Sunday Guardian.

About the Institute for Competitiveness

Institute for Competitiveness, India is the Indian knot in the global network of the Institute for Strategy and Competitiveness at Harvard Business School. Institute for Competitiveness, India is an international initiative centered in India, dedicated to enlarging and purposeful disseminating of the body of research and knowledge on competition and strategy, as pioneered over the last 25 years by Professor Michael Porter of the Institute for Strategy and Competitiveness at Harvard Business School. Institute for Competitiveness, India conducts and supports indigenous research, offers academic and executive courses, and provides advisory services to the Corporate and the Governments. The institute studies competition and its implications for company strategy; the competitiveness of nations, regions & cities and thus generate guidelines for businesses and those in governance; and suggests and provides solutions for socio-economic problems.

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