Nestle calls for entries on sustainable development award

The award, called the "Nestle Prize in Creating Shared Value" was instituted in 2009. Its main aim, according to the company, is to provide financial support of up to $500,000 to the winner for developing their projects and on innovation.

"'Creating Shared Value' was developed as a concept by Prof. Porter at the Harvard Business School and encourages each organisation to create economic and social value simultaneously by focusing on the social issues that each is uniquely capable of addressing," said Antonio Helio Waszyk, chairman and chief executive, Nestle India.

The concept is different than corporate social responsibility as it involves partnerships and active involvement of the company with several stakeholders like farmers with whom Nestle also procures its raw materials from, he told an event here.

"'Creating Shared Value' is not about philanthropy. It is about leveraging core activities and partnerships for the joint benefit of society and shareholders. In this way, value is created for both the company and society," he said.

Waszky further said that applicants for the prize can either self nominate or be nominated by others, who are familiar with their work.