Only the best Company in India will receive the Porter Prize
Porter Prize is finally getting organized on September 28, 2012 in New Delhi. The objective of the Porter Prize is to raise the level of Indian companies at the International level in the field of Strategy and Competitiveness by awarding the best Indian companies based on their strategy and related parameters. The application process has already commenced wherein all the participating companies will obtain certain benefits.
Porter Prize is named after the renowned philosopher, thinker, Harvard faculty member and Father of the modern strategic field Professor Michael E. Porter. He 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, the environment, and corporate 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 first if it’s kind India’s ‘Porter Prize’ constituted by Institute for Competitiveness (India), the Indian knot in the global network of the Institute for Strategy and Competitiveness at Harvard Business School aims to recognize the Indian companies who embraced the best strategic management.
Porter Prize is founded on four pillars capitalizing on industry dynamics, segmenting strategically, leveraging unique activities and exploiting tradeoffs. It also holds huge significance for the companies operating in India, as it has been said that Porter Prize will enlighten executives by making them understand their company in industrial setting, the process of value creation, the attractive and unattractive features of their industry, etc. In other words, 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.
It is an opportunity for the companies operating in India to test themselves on the basis of their strategy and receive the prestigious Porter Prize award. There are 14 industry-based classifications, namely:
• Finance, banking & insurance
• Food & beverage
• Healthcare, Pharmaceutical & Social Assistance
• Information, Media, Telecom & Data Processing
• Education, Training & Educational Services
• Retail & wholesale
• Utilities, Electricity, Gas, Water & Power
• Arts, Entertainment & Recreation
• Construction, Real Estate & Steel
• Petroleum, Chemicals & Plastics
• Transportation, Logistics & Aviation
• Textiles & Apparels
• Computers & Electrical Appliances
• Tourism & Hospitality
In addition, five awards that will be given to the winners are:
• Porter Prize for Industry Architectural Shift
• Porter Prize for Creating Distinctive Value
• Porter Prize for Leveraging Unique Activities
• Porter Prize for Exploiting Trade-offs
• Porter Prize for Creating Shared Value
The companies who are willing to be a part of the award can apply online by filling an application form. The application process has already started and is divided into three stages, (i) Make an online application (ii) Strategy Audit, Interactions with CEO’s team and (iii) Jury Discussions & Porter Prize. Further details can be collected from the site www.porterprize.in/applications/how-to-apply.
Interestingly, the benefits are not just limited to the winner companies and will be obtained by all the participating companies by receiving certain key takeaways such as a benchmarking report for their company, opportunity to attend the CEO roundtable and Porter Prize event, coffee table book etc.
The award has drawn the attention of many organizations and till now many prestigious organizations have become a part of it. Few of them are Indian Public Diplomacy, FSG, Mint, exchange4media, Outlook, Outlook Business, Canon, Hammurabi & Solomon, The Viewspaper etc.
About 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. It 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. 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.