Schaeffler India Launches Social Innovator Fellowship Program to Foster Sustainable Solutions for a Better Tomorrow

2023-08-10 | Pune

• 10 Innovators to be Rewarded with INR 1 Lakh Fellowship Grants and Exclusive Mentorship
• Schaeffler India's Initiative to Drive Positive Impact through Environment and Technology Solutions
• Schaeffler India Spearheads Efforts to Create a Sustainable, Equitable, and Inclusive Future

Schaeffler India Limited (BSE: 505790, NSE: SCHAEFFLER) has taken a step towards fostering sustainable solutions with the launch of the Schaeffler India Social Innovator Fellowship Program. Schaeffler India with the support of the Buddy4Study foundation under this initiative aims to recognize and reward visionary individuals who are developing unique and impactful solutions that can make a positive difference to society at scale.

The Schaeffler India Social Innovator Fellowship Program invites applicants between the age of 18 to 35 years to submit their innovative projects, addressing critical challenges in areas such as Environment Sustainability, Natural Resource Management, Renewable Energy, Carbon Neutrality, Circular Economy, and Application of Technology in the Social Sector, including Robotics and Drones. The program is open to individuals, groups, institutions, and both for-profit and non-profit organizations across India.

The fellowship grants, each worth INR 1 Lakh, will be awarded to 10 exceptional projects that demonstrate a clear target market or audience, address specific needs or opportunities, have the potential to scale and positively impact people, are economical and sustainable, and possess commercial viability. Applicants must present a functioning prototype and describe their work through a video that can be uploaded on the program's website.

Commenting on the announcement, Mr Harsha Kadam, Managing Director and CEO, Schaeffler India said, "At Schaeffler India, we firmly believe that innovation and development are crucial drivers of growth, but we recognize that equitable innovation holds the key to fostering inclusive growth. We are delighted to witness numerous passionate ideas supported by technology, with the potential to create a positive impact on our society. As we observe technology-driven disruptions promoting growth and holistic development all around us, we are fully aware of their significance. This awareness has led us to unveil this platform, dedicated to nurturing and empowering visionary individuals who aim to make a meaningful difference through their innovative solutions."

Mr. Santanu Ghoshal, Vice President HR and Head of Sustainability India said, "At Schaeffler India, we are deeply committed to advancing the prosperity and progress of our communities. As we proudly announce the launch of the Schaeffler India Social Innovator Fellowship Program for 2023, our primary aim is to harness and support the pioneering spirit of young and passionate innovators across India. This program offers a remarkable opportunity for talented individuals to bring improvements to social and ecological issues through their innovative solutions. We eagerly await the participation of outstanding leaders who will demonstrate a strong commitment to developing transformative solutions, resulting in more resilient systems, empowered communities, and positively impacted lives."

The selected fellows will not only receive the fellowship grants but also get a unique 24-week hybrid mentorship opportunity at the prestigious Centre for Innovation Incubation & Entrepreneurship, IIM Ahmedabad. This mentorship will help the winners further develop and scale their solutions and access Schaeffler India's extensive network and partners. Additionally, they will become part of a vibrant community of like-minded peers, fostering collaboration and collective growth.

Applicants can apply for the program starting from August 10, 2023, until September 10, 2023, by filling out the online application form and submitting the required documents, including a video describing their project, an idea pitch deck, Aadhaar Card, and a passport-sized photograph. The selection process will involve multiple stages, including reviews, telephonic interviews, virtual interviews with the Schaeffler India team, and a project pitch presentation to a jury panel and leaders.

As a vital component of its ESG strategy, Schaeffler India is dedicated to fostering holistic development and progress. As part of its social development initiative, the company has launched a program that serves as a catalyst for empowering young innovators striving to make a significant impact in crucial areas such as Environment Sustainability, Renewable Energy, Natural Resource Management, Carbon Neutrality, Circular Economy, and Application of Technology in the Social Sector, including Robotics and Drones. Through this initiative, Schaeffler India aims to identify and enhance the capabilities of these change-makers, driving positive transformations in society.

About HOPE

Schaeffler India as a part of its CSR program has consolidated its activities and focus exclusively on a few core areas which will make a meaningful impact on the community and make a difference. HOPE is Schaeffler India’s umbrella initiative encompassing the values, vision, and mission of the organization. Through this initiative Schaeffler India strives to contribute, to the motto \'सर्वे भवन्तु सुखिनः\' (May everyone be happy). It is derived from the four core areas of focus – Healthcare, Occupational skill, Preservation of national heritage, art & culture and Empowerment of society. Under HOPE, Schaeffler India runs a number of initiatives for the four focus areas.

HOPE is Schaeffler India’s flagship CSR brand that has the following focus areas, Health Care, Occupational Skill for Employability, Preservation of National Heritage Art & Culture and Empowerment of Society. The engineering scholarship initiative is part of the organization's continuous endeavor towards empowerment through education.

About Schaeffler Group – We pioneer motion

The Schaeffler Group has been driving forward groundbreaking inventions and developments in the field of motion technology for over 75 years. With innovative technologies, products, and services for electric mobility, CO₂-efficient drives, chassis solutions, Industry 4.0, digitalization, and renewable energies, the company is a reliable partner for making motion more efficient, intelligent, and sustainable – over the entire life cycle. The motion technology company manufactures high-precision components and systems for drive train and chassis applications as well as rolling and plain bearing solutions for a large number of industrial applications. The Schaeffler Group generated sales of EUR 15.8 billion in 2022. With around 84,000 employees, the Schaeffler Group is one of the world’s largest family-owned companies. With more than 1,250 patent applications in 2022, Schaeffler is Germany’s fourth most innovative company according to the DPMA (German Patent and Trademark Office).

About Schaeffler India

Established for more than 60 years, Schaeffler India is a leading motion technology company with 4 manufacturing sites in Pune, Vadodara, Maneja, and Savli, 3 R&D centres, and 8 sales offices. In 2022, the company reported sales of INR 4990 million, supported by a team of 3190 employees.

Its innovative technologies, products, and services for electric mobility, CO₂-efficient drives, chassis solutions, Industry 4.0, digitalization, and renewable energies make it a preferred technology partner for making motion more efficient, intelligent, and sustainable – over the entire life cycle. The company’s wide range of products and component solutions includes a variety of ball bearings, cylindrical roller bearings, spherical roller bearings, and wheel bearings under the FAG brand, Engine and powertrain components under the INA brand, and clutches and hydraulic systems under the LuK brand. Schaeffler India maintains a comprehensive after-market network, serving a wide range of customers. Schaeffler India's unwavering commitment towards quality, innovation, and corporate social responsibility aligns with its global vision, contributing to the development of mobility and industrial technology in India.

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