On February 11, Nestlé announced the opening of nominations for its 2012 Prize in Creating Shared Value. The official announcement was made at the International Food Policy Research Institute (IFPRI) global conference in Delhi, India. This prize was organized back in 2009 in an effort to celebrate the most innovative projects that offer feasible solutions related to the number of agricultural issues of the developing countries on the basis of sustainable development principles. Such issues include access to, or management of, water, improving the lives of farmers and rural communities, or providing better nourishment to communities suffering from nutritional deficiencies.

According to the official press release issued on the date, «the Prize goes beyond Nestlé’s own efforts to create value for its shareholders and for the communities where it operates, by encouraging and rewarding the most innovative examples of Creating Shared Value in action».

Any individual, non-government organization or small business enterprise specializing in the field of nutrition, water or agriculture are welcome to present their projects and be nominated for the Prize. Applicants may be self-nominated or nominated by the third party who is familiar with their work. The board of jury accepts applications from individuals and companies based anywhere in the world. However, it is essential that their initiative be implemented in a developing country and based on a sustainable business model. The winner whose name is to be announced in 2012 will receive financial support of up to CHF 500,000 (more than USD 480,000) and professional advice. The laureate will be chosen by the Nestlé’s CSV Advisory Board, consisting of high-profile experts in corporate strategy, nutrition, water and agricultural development.

Michael Roberts, Director of IDE Cambodia, winner of the 2010 Prize in Creating Shared Value, was present at the conference and said: «The concept of Creating Shared Value is something that both non-profits and for-profits can identify with. The financial investment and the recognition of the Nestlé Prize has helped our project gain momentum in Cambodia and allowed us to explore opportunities for expanding to other countries. If anyone has an innovation or project that meets the Prize criteria, I would strongly encourage them to apply.»

For more information on the terms of the nomination as well as selection criteria, please see official press announcement on Nestlé website.