LINDAU, Germany, Aug. 22, 2014 /PRNewswire/ -- Mars,
Incorporated yesterday hosted a panel discussion on the central
importance of innovation in overcoming the global challenges of
tomorrow. At the 5th Lindau Meeting on Economic Sciences, Nobel
Laureate Edmund Phelps and Ralph
Jerome, Vice President of Corporate Innovation, Mars,
Incorporated engaged the 120-strong audience of Lindau young
economists and discussed how current blocks to implementing
innovation—from a lack of incentives to an unwillingness to take
risks—could be overturned.
Ralph Jerome spoke about the
challenges faced by the food and agriculture industry in feeding a
global population expected to reach over 9 billion by 2050:
"Translating scientific discoveries into practical applications
across the entire value chain will be needed to solve society's
grand challenges."
On the approach of Mars, Incorporated's Corporate Innovation
function, Jerome said, "It is important to get away from a culture
of 'short-termism.' A longer-term approach can pave the way to
transformational innovation that has a sustainable and lasting
impact on agriculture, and society more broadly."
Edmund Phelps, McVickar Professor
of Political Economy at Columbia
University, New York,
argued that there is a need to reinvigorate society in order to
innovate at scale: "We need to restore the latitude, capacity and
desire to innovate. Dynamism on a grassroots level is vital to
remove the barriers we face to solving real-world challenges."
Phelps was awarded the Nobel Prize for Economics in 2006 for his
analysis of inter-temporal tradeoffs in macroeconomic policy.
The panel, moderated by Romesh
Vaitilingam, VoxEU.org, also included the thoughts of Lindau
Young Economist, Francois Koulischer, Universite Libre de
Bruxelles. Speaking after his
panel appearance, Koulischer commented, "Looking at the extensive
topic of innovation through a wider lens has been an invaluable
experience that has broadened my perspective on addressing societal
challenges. I hope to apply some of the ideas that I have been able
to develop here in Lindau through the exchanges with Laureates,
industry practitioners and peers."
Mars aims to develop and promote propositions with greater
positive, and fewer negative, impacts on people, pets and the
planet. Rather than focusing on short-term, incremental
improvements, Mars is committed to driving transformational
innovation that helps solve long-term challenges-from securing a
safe and sustainable supply of raw materials to boosting
agricultural productivity.
2014 marks the eighth year of
Mars, Incorporated's partnership with the Lindau Nobel Laureate
Meetings. As well as supporting Lindau young researchers to attend
the meetings, since 2010, Mars has hosted annual panel discussions
focusing on interaction with young researchers and bringing
together perspectives from the full range of scientific disciplines
present at Lindau.
About Mars, Incorporated
In 1911, Frank C. Mars made the first Mars candies in his
Tacoma, Washington kitchen and
established Mars' first roots as a confectionery company. In the
1920s, Forrest E. Mars, Sr. joined
his father in business and together they launched the MILKY WAY®
bar. In 1932, Forrest, Sr. moved to the United Kingdom with a dream of building
a business based on the objective of creating a "mutuality of
benefits for all stakeholders"—this objective serves as the
foundation of Mars, Incorporated today. Based in McLean, Virginia, Mars has net sales of more
than $33 billion, six business
segments including Petcare, Chocolate, Wrigley, Food, Drinks,
Symbioscience, and more than 75,000 Associates worldwide that are
putting its Principles into action to make a difference for people
and the planet through its performance.
Mars brands include: Petcare – PEDIGREE®, ROYAL CANIN®,
WHISKAS®, BANFIELD® Pet Hospital, CESAR®, SHEBA®, DREAMIES® and
NUTRO®; Chocolate – M&M'S®, SNICKERS®, DOVE®, GALAXY®, MARS®,
MILKY WAY® and TWIX®; Wrigley – DOUBLEMINT®, EXTRA®, ORBIT® and 5™
chewing gums, SKITTLES® and STARBURST® candies, and ALTOIDS® AND
LIFESAVERS® mints; Food – UNCLE BEN'S®, DOLMIO®, EBLY®,
MASTERFOODS®, SEEDS OF CHANGE® and ROYCO®; Drinks – ALTERRA COFFEE
ROASTERS™, THE BRIGHT TEA COMPANY™, KLIX® and FLAVIA®;
Symbioscience – COCOAVIA® and WISDOM PANEL®. For more
information, please visit www.mars.com. Follow us:
facebook.com/mars, twitter.com/marsglobal, youtube.com/mars,
linkedin.com/company/mars.
About the Lindau Nobel Laureate Meetings
The 5th
Lindau Meeting on Economic Sciences takes place from August 19 to 23. A record number of 17 laureates
of the Sveriges Riksbank Prize in Economic Sciences in Memory of
Alfred Nobel, commonly referred to
as the Nobel Prize in Economics, are participating in the
meeting—among them Joseph Stiglitz,
John Nash and Edmund Phelps. Approximately 450 aspiring young
economists from more than 80 countries come together to share their
knowledge and experiences, to gain inspiration and motivation, and
to expand their contact networks. The meeting has been organised by
the Council for the Lindau Nobel Laureate Meetings and the
Foundation Lindau Nobel Laureate Meetings. More information:
www.lindau-nobel.org.
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SOURCE Mars, Incorporated