Reckitt Benckiser wins The Economist’s Innovation Award in Corporate use of Innovation category

Oct. 22, 2009 - PRLog -- The Economist has announced that global FMCG company Reckitt Benckiser as the winner of this year’s Corporate Innovation Award.
The company, one of the world’s biggest manufacturers of household, health and personal products, has a highly-focused product portfolio with a large number of powerbrands that include Vanish, Nurofen, Strepsils, Clearasil and Dettol.
With a workforce of 23,000 employees from across the globe and an executive committee comprising seven nationalities, they champion diversity and drive innovation forward by encouraging staff to outperform; promoting team spirit at all levels and allowing daring ideas to thrive.

Rakesh Kapoor, Executive Vice-president of Reckitt Benckiser, accepted the award on behalf of the company, along with seven additional award winners from the remaining categories, who were also recognised for turning their innovative ideas into reality at The Economist’s Eighth Annual Innovation Awards Ceremony.

Rakesh Kapoor, Executive Vice-president Category Development, Reckitt Benckiser said: "Innovation is at the very heart of RB’s success, and the reason we love it is because it means our consumers get better benefits and great value through our brands.
"Innovation is not just about great ideas, but also the passion with which we put those ideas to work. Innovation is also about being constantly inquisitive, asking ourselves and the consumers what improvements will be really worthwhile, what will really make a difference! And the reason we are good at this is that we also breed a culture of entrepreneurship where it really does not matter where the idea comes from, as long as it makes sense for the consumer and our brands.
"This is the ideology that drives us and brings to market a faster acting pain pill with Nurofen or a more-sparkle automatic dishwash detergent with Finish.”

One of the judges, Tom Standage, Business Affairs Editor and Technology Quarterly Editor, The Economist, said: “The company said at the beginning of the recession that it was sure that customers would continue to buy its products, rather than trading down to cheaper alternatives, and it has been proven right. It has demonstrated strong sales and profit growth, in large part because of the strength of its innovative and entrepreneurial corporate culture. Controversy is encouraged, bureaucracy avoided and performance rewarded.
"The company has a talent for dreaming up products that consumers did not realise they wanted (and for giving them crazy names!). Some 35-40% of its sales come from products launched in the past three years, which is a clear indication of its continued ability to dream up winning new ideas.”

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About Reckitt Benckiser:
RB is a world leader in household, health and personal care.
It is a FTSE top 25 company and since 2000 net revenues have doubled and the market cap has quadrupled. Today it is the global No 1 or No 2 in the majority of its fast-growing categories, driven by an exceptional rate of innovation – near 40% of revenue comes from innovations launched in the prior 3 years. It has a strong portfolio led by 17 global powerbrands which are: Finish, Lysol, Dettol, Vanish, Woolite, Calgon, Airwick, Harpic, Bang, Mortein, Veet, Nurofen, Clearasil, Strepsils Gaviscon, Mucinex and French’s, and they account for over two thirds of its net revenue.