Innovation

ECOWRAP and MATT covers are the two most innovative products of Pearl Ice. Palette covers are used to store product or material at the minimum temperature in the cold storage area which reduces around 50% of the consumption of electricity. Their recently developed product ECOWRAP is a reusable product and a replacement of plastic wraps that help to keep the environment safe and green. He got this idea to develop ECOWRAP from one of the customers who was engaged in the plastic packaging business.

Inspiration

Founder Vinayak Thakar was preparing to get into the Medical University but he failed to get into it and did his under-graduation in pharmacy. Moreover, with confused life goals, he also stepped into modeling and cricket while doing his Masters in Business Administration. Also, he failed a set of interviews in MNCs after his post-graduation.

He got inspired by participating in various motivational seminars and watching motivational videos of various leaders and entrepreneurs. That motivated him to deal with the issues and flaws with his interviews. He worked for 4-5 years in the cold chain industry and decided to become an entrepreneur when he got a glance into customer needs which were not fulfilled by the existing companies.

He started his own company in 2015. He decided to bring an exciting and dramatic change in the cold chain and packaging industry by creating eco-friendly products to satisfy the customer needs with the goal to make a better world “Challenges are better for life”.

Overall impact

Pearl Ice not only focuses on selling their products locally but also creating those products which can be easily exported. First, innovation in these products has saved a large consumption of electricity of the giant pharma products manufacturer in India. The product is also exported in other countries which has helped in electricity saving. For example, manufacturing industries use the excessive amount of electricity and this product is a perfect fit to save the environment. Moreover, their other product ECOWRAP has created a huge impact in replacing plastic packaging. This product is exported in countries like Singapore, Malaysia, Australia, Srilanka, and the UK. As these countries being the leader in the packaging industry, this product is the perfect replacement for plastic as plastic waste is a growing concern in the world. Also, the product is eco-friendly and can be reused until 12-18 months. Meanwhile, this product has attracted the government to collaborate with the company to make it as a replacement of plastic wraps.

Business benefit

Through the implementation of this innovation, a large number of giant manufacturers of pharma industry are paying attention to the products innovated by Pearl Ice. The annual revenue increased in 2017 after the innovation of this product. Furthermore, goodwill increased after these products were exported in the global market. For these reasons, the company got an opportunity to be successful in the international market by implementing greenfield projects or merging with different entities.

Social and environmental benefit

When the pallet is unwrapped, the stretch film is usually discarded and then dumped into the landfill, resulting in a hazardous impact on the environment. Thousands of tons of plastic wraps are dumped every day in the world. ECOWRAP is the replacement of those stretch films and is reusable so it is considered as one of the ideal green solutions for pallet wrapping. Sustainable consumption and production are about promoting resource and energy efficiency and providing a better quality of life for all. Matt covers saves a lot of electricity and that energy can be distributed in other parts of the world.

Pearl Ice has made a significant effort on economic growth with its global visibility and may lead to having an influence on the world economy in the future. The company can make more profits by research and development and innovating new products that help in sustainable development. The company can also open their manufacturing units around the world to increase the local economy and decrease the unemployment rate.

"We save Lives by controlling temperature of Life Saving pharmaceuticals."

Interview

Vinayak Thakar, DIrector