In a bid to further promote innovation within the Company, “Innovation Funding” was launched in 2016. The aim of the fund is to encourage employees to go beyond their “comfortable” boundaries and submit creative proposals for business expansion applicable to any part of the Company.
Employees can apply to the Innovation Funding in the name of an individual or a team. Content of the proposal can include, but is not limited to, “work within their respective departments”. Employees can also submit collaborations with university and/or private research institutions to develop new technologies. If the proposal is selected, the applicants receive “seed” money to get the project up and running.
The Company welcomes monthly“reports on progress”highlighting targets achieved - including completion of the “preliminary test” and “formal implementation” stages –prior set conditions of the funding. Each target phase reached is rewarded, by the Executive Committee, with a bonus according to content and progress of the project.