Indus Motor Company (IMC) has joined hands with Pakistan Innovation Foundation (PIF) for the Toyota – Manufacturing Innovation Challenge 2013‐14 (TMIC), a year‐long ‘Open Innovation’ competition that encourages Pakistani Innovators, youth, students, professionals, entrepreneurs, and citizens to innovate for solving Pakistan’s development challenge. Organizing a Press Briefing at a local hotel on Nov 7, the nationwide Challenge was launched that is intended to promote creativity and innovation in Pakistan’s manufacturing sector.
The Challenge invites creative minds from all over Pakistan to come up with unique and innovative ideas in two critical domains. The first challenge is to develop a replicable, scalable and marketable product or process that enhances productivity, reduces energy requirement or reduces industrial waste by at least 33%. The second challenge is to develop an innovative product, service, or tool that complements or enhances the utility of a manufactured product and has a compelling market potential and cost performance profile for rapid commercialization in Pakistan. The winning projects will be financed by IMC.
In his remarks during the Press Briefing, Mr Faisal Muneeb Khan, Senior General Manager HR, Administration & CSR, IMC, said: “There is paramount need to grow our local industry in order to sustain and develop our economy. Innovation holds the key for Pakistan to not only overcome the existing challenges we are faced with but to also emerge as a key player in the international market. Through the Toyota Manufacturing Innovation Challenge, we are providing an avenue to the talent that exists in Pakistan to come forward and showcase their ideas and bring them to life.”