Nestle opens nominations for 2012 prize in Creating Shared Value

Antonio Helio Waszyk, Chairman of Nestle Lanka PLC and Head of NestleSouth Asia Region said Nestle's basic approach to business is to create shared value for its shareholders and the communities where it operates.

This prize, however, goes beyond Nestle's own efforts. It encourages and rewards the most innovative examples of creating shared value in action.

The prize is awarded in alternate years to an innovation or project that has shown outstanding promise in improving access to, or management of, water; enhancing the lives of farmers and rural communities; or providing better nourishment to communities suffering from nutritional deficiencies.

Launched in 2009 it offers advice and financial support of $480,000 or Rs55 m to an individual, NGO, or small enterprise working in the field of nutrition, water, or rural development. The prize is supported by a financial commitment over a period of time to assist in the development of the project or innovation.

Applicants can either self-nominate or be nominated by others who are familiar with their work.

The first Prize in Creating Shared Value was awarded in 2010 to International Development Enterprises Cambodia. The NGO was awarded for its Farm Business Advisors' project that followed market-based approach to increasing the net income of smallholder farmers through a network of more than 60 independent rural entrepreneurs, who provide technical advice while selling products such as high-quality seeds and irrigation equipment.

Michael Roberts, Director explained how the prize benefits his organisation and offered insights to this year's prospective applicants. He said "The concept of Creating Shared Value is something that both non-profits and for-profits can identify with. The financial investment and the recognition of the Prize has helped our project in Cambodia and allowed us to explore opportunities for expanding to other countries. If anyone has an innovation or project that meets the criteria, I encourage them to apply."

IDE Cambodia is investing the Prize to recruit and train 36 advisors - providing them with access to agricultural training, market information and microfinance - as well as developing and strengthening its franchise system. With this support, the organisation aims to generate around $1.9 million in new income for small-scale farmers, and benefit around 20,000 people in more than 4,000 rural households across the country.

The project should already have achieved small scale success and must be considered feasible on a broader level, or in other communities.

While applicants may be based anywhere in the world, their initiative must be implemented in a developing country and backed by a sustainable business model.

Nominations close on June 30 .