Small-time innovators get ‘Big’ platform

He added that at least 20 to 25 products will be made available at the outlets by the next year,and that group company’ Future Ideas’ will invest in creating a range of affordable products and engage small and medium size enterprises to manufacture them.

The two entities have already shortlisted 50 products,including home and kitchen appliances,food,healthcare and luggage — ‘mitti cool refrigerator’ and ‘mitti cool non-stick pan’ by Manshuk Lal Prajapati of Gujarat.

NIF said the Intellectual Property Rights of the products will be owned by the original creators who will also get royalty on sales. “We want the innovators to benefit from the sales of such products at Big Bazaar outlets. The royalty paid to them could be in the range of 3 to 5 per cent,” said Professor Anil Gupta of IIM-Ahmedabad,who is also the NIF founder and executive vice-chairperson.

On the pricing of such products,Biyani said,“We want these products to be very affordable to consumers. For example,a refrigerator should cost at least 30 per cent less than the prevailing market prices.” NIF has a bank of over 1.75 lakh innovations.

(With PTI inputs)