Professor Michael E. Porter addressed the gathering at Porter Prize 2014
Porter Prize recognizes the strategic acumen of corporates in India
Monday, September 29, 2014 11:37AM IST (6:07AM GMT)
- Analjit Singh, Shashi Ruia, CP Gurnani, Pirojshaw Sarkari, Aditya Vij, Vipul Shah, Gerd Hoefner and Sanjiv Mehta received the award on behalf of their respective enterprises
- Porter Prize is named after the renowned thinker, Harvard faculty member and Father of the modern strategic field Professor Michael E. Porter.
- Nine enterprises in eight different categories bagged the prestigious Porter Prize 2014 on September 26, 2014
- It was attended by CXO’s, top industry leaders, thinkers, and senior executives from corporates, government and media
- Bishop William Lawrence University Professor Porter shared his ideas about the new approach of creating shared value and spoke about social progress index
Porter Prize 2014 organized by Institute for Competitiveness, India September 26, 2014 at Radisson Blu Plaza in New Delhi was a wonderful confluence of cutting edge ideation by various business leaders. It started with two panel discussions on Economics, Social Progress & Creating Shared Value and Strategy & Competitive Advantage. Followed by Professor Michael E. Porter talk and award ceremony wherein Deborah Wince Smith (President and CEO, US Council on Competitiveness) and Dr. Amit Kapoor (Institute for Competitiveness) presented the citation to the Porter Prize winners. The winners of the Porter Prize 2014 are
- Mahindra Logistics Limited and Siemens Technology and Services Private Limited shared the Porter Prize for Leveraging Unique Activities. Pirojshaw Sarkari received the award on behalf of Mahindra Logistics and Gerd Hoefner received the same for Siemens. The citation read for them was “For your outstanding performance in the industry and to recognize your effective rendering of activities across the value chain that created competitive advantage. You clearly stated that good strategies depend on the connection among many things and on making interdependent choices.”
- Indigo Airlines won the Porter Prize for Industry Architectural Shift. The citation read for them was “For your outstanding performance in the industry and to recognize you for redefining the industry structure by challenging the very basis of competition, creating new business models, challenging the status quo and exploiting change.”
- Tech Mahindra won the Porter Prize for Exploiting Trade-offs which was received by CP Gurnani. The citation read for them was “For your outstanding performance in the industry and to recognize the choices that made your strategy sustainable as they were not easy to match or neutralize due to which you were able to create barriers pertaining to emulation.”
- Dow Chemical International won the Porter Prize for Creating Distinctive Value which was received by Vipul Shah. The citation read for them was “For your outstanding performance in the industry and ability to offer unique solutions to the customers. You effectively created new market spaces, segments and provided solutions that redefined the market.”
- Fortis Healthcare won the Porter Prize for Value Based Healthcare which was received by Aditya Vij. The citation read for them was “For your outstanding performance in the industry and to recognize for redefining the idea of patient care and fundamentally challenging the economic models within the industry.”
- Hindustan Unilever won the Porter Prize for Creating Shared Value which was received by Sanjiv Mehta. The citation read for them was “For your outstanding performance in the industry and to recognize your high impact as an organization that created economic success by redefining markets, products, way of doing business, creating collaborative efforts and in turn creating societal and economic progress.”
- Essar Foundation won the Porter Prize for Enabling Social Progress which was received by Shashi Ruia and Deepak Arora. The citation read for them was “For your outstanding contribution to the society to meet the basic human needs, established blocks that allow communities to sustain quality of life and creating conditions for individuals to reach their potential.”
- Max India Limited won the Porter Prize for Excellence in Corporate Integration & Governance which was received by Analjit Singh. The citation read for them was “For your outstanding performance that is driven through excellence in corporate integration, exploiting synergies between different divisions, superior board room performance and governance mechanisms.”
Keynote at the event were delivered by Shashi Ruia (Chairman, Essar Group), Etienne Benet (CEO, Nestle India Limited) and Sanjiv Mehta (CEO and Managing Director, Hindustan Unilever Limited). Other Prominent speakers were Vipul Shah (President, CEO and Chairman, Dow Chemical International Pvt. Ltd.), CVL Srinivas (CEO, GroupM South Asia), CP Gurnani (MD and CEO, Tech Mahindra), Aditya Vij (CEO, Fortis Healthcare Limited, India), R. S. Subramanian (Senior Vice President & MD, DHL Express India) et al.
In his address to the hugely interactive group of best of corporate in India, Professor Porter congratulated everyone on participating in the incredible process. He shared his passion for competitiveness and its practice. Very significantly, he asserted the hitherto thought agendas of economic strategy & social progress as separate pursuits actually needed an integrated approach. This he further said was not a balancing exercise between two conflicting either or agendas but a blend was mandated. Apart from sharing the macro and micro elements of his competitiveness framework, he exhorted Indian corporate to carry a deeper sole search as to how it would impact the society and economy. It was interesting to hear him say philanthropy was important but not very important because business serves society better by creating better products, sourcing raw material efficiently and generating useful infrastructure. He even said countries which are self-critical have better leverage their natural endowments. He underlined the role of successful clusters and emphasized that creating jobs with low wages was not adequate.
Shashi Ruia, Chairman, Essar Group in his keynote said, “I strongly believe that manufacturing is the backbone of a strong economy. To fulfill the dream of India being a manufacturing hub or a force we need skilled labour and additionally without a doubt the world tomorrow would be driven by confluence of economic and social objectives.
Etienne Benet, CEO, Nestle India Limited emphasized on the role that Nestle plays in the industry and profoundly said, “Nestle is clearly driven by the idea of creating shared value.”
Resonating the views of Professor Porter Sanjiv Mehta said that the idea is to find the confluence between economic and social objectives. Business clearly can be a force of good. A responsible form of capitalism will depend on leaders we have. The leaders would have the responsibility to build a sustainable business model and we shall have to dramatically change the way we distribute wealth and use our resources.
Lastly, Dr. Amit Kapoor, Institute for Competitiveness congratulated all the awardees of the evening. On behalf of Indian corporate, he extended a promise to Professor Porter to further evangelize concept and practice of competitiveness to states, cities and enterprises of India.
To know more about the Porter Prize 2014 winners, visit http://www.porterprize.in/winners-2014/
About Porter Prize
Porter Prize is named after Michael E Porter who is Professor at Harvard Business School, living legend and father of modern strategy field. The central idea of the Porter Prize is to propel companies to compete on the basis of value creation, innovation and strategy. Institute for Competitiveness, India is an independent, international initiative centered in India, dedicated to enlarging and disseminating the body of research and knowledge on competition and strategy, pioneered over the last 25 years by Professor M.E. Porter of the Institute for Strategy and Competitiveness, Harvard Business School (ISC, HBS), USA. Institute for Competitiveness, India works in affiliation with ISC, HBS, USA to offer academic & executive courses, conduct indigenous research and provide advisory services to corporate and Government within the country. The institute studies competition and its implications for company strategy; the competitiveness of nations, regions & cities; suggests and provides solutions for social problems, Institute for
Competitiveness, India brings out India City Competitiveness Report, India State Competitiveness Report, India Economic Quarterly, Journal of Competitiveness and funds academic research in the area of strategy & competitiveness. For more information, visit http://www.porterprize.in
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