Future Group is among India’s leading business houses and operates some of India’s most popular retail chains like Pantaloons, Big Bazaar, Food Bazaar Central, eZone and Home Town, apart from other businesses.
Future Group announced a tie-up with National Innovation Foundation (NIF) to commercialize grass-root ideas by creating products to be sold at its outlets. This joint initiative is named as 'Khoj Lab' will combine Future Group's consumer insight, marketing and distribution strength with ideas of innovators associated with NIF and is aimed at launching "affordable products".
Future Group has already tested some of prototypes i.e. Mitti Cool Refrigerator and non-stick pan etc, developed by innovators .Future group will be investing to develop products at affordable price by engaging small and medium size enterprises (SMSE) in manufacture process.
Plan of action: In first phase 50 products have been short listed in categories like home appliances, food, healthcare, luggage and kitchen appliances. In the next one year, at least 20-25 such products will available at Big Bazaar outlets. This tie-up is aimed to provide benefit in terms of royalty in range of 3-5% to creator. We wish that this tie-up will provide expected benefit to the owners of Intellectual Property.