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Indovinya's Open Innovation Challenge

Indovinya, the specialty chemicals and surfactants branch of Indorama Ventures, recently announced an exciting Open Innovation Challenge targeting the personal care industry. This initiative, in partnership with AEVO – a tech firm specializing in corporate innovation management – calls upon researchers and startups to contribute sustainable solutions focused on fragrance solubilization without relying on ethoxylates. Interested parties are encouraged to apply by October 26.

Challenge Details

The challenge encompasses two pivotal directions. The first revolves around leveraging green chemistry principles to formulate fragrance systems using naturally-derived surfactants that are biodegradable and devoid of microplastics. The aim is to create scents that are stable, perform excellently from a sensory perspective, and boast improved sustainability profiles.

The second aspect pertains to the creation of predictive models, driven by Artificial Intelligence (AI), which are capable of forecasting solubilization, stability, and sensory results for diverse molecules and surfactant combinations, particularly emphasizing non-ethoxylated formulas. This innovative approach is designed to minimize the need for extensive laboratory experimentation, speeding up development processes and bringing products to market faster.

Once the application period concludes, submissions will be evaluated by industry experts from both AEVO and Indovinya. Selected projects will benefit from access to joint development platforms, facilitating knowledge exchange, potential licensing, and commercialization partnerships. Finalists will engage in a mentorship program and ultimately present their ideas at a Pitch Day, featuring key leaders from Indovinya’s Personal Care, Digital R&D, and Innovation sectors.

Renata Haenel, Indovinya's Global Innovation Director, emphasized the company's belief in agile development through co-creation—merging internal expertise with external insights. “By embracing open innovation, we can pull together varied perspectives, integrate multiple disciplines, and engineer solutions that enhance our product offerings for our customers. The fragrance challenge specifically enriches our capacity to innovate safer and more sustainable alternatives that meet contemporary consumer demands,” Haenel stated.

Indovinya's commitment to innovation is reflected in its recent recognition as an "Innovative Workplace 2025" by MIT Technology Review in Brazil, underscoring the organization's culture that promotes creativity, agility, and collaborative breakthroughs across its worldwide operations.

Boasting a presence in 10 countries, 15 manufacturing facilities, and seven R&D centers, Indovinya employs around 3,000 individuals. In 2024, they reviewed over 80 startups and executed 10 proof-of-concept projects, actively engaging with potential partners in areas relevant to their innovation and business strategies. The company has spearheaded other global open innovation challenges and currently holds more than 500 patent applications across 30 nations.

For those interested in participating, applications can be submitted via their website until October 26.

About Indorama Ventures

Indorama Ventures Public Company Limited, traded in Thailand (Bloomberg ticker IVL.TB), ranks as one of the foremost petrochemical manufacturers globally, with operations spread across Europe, Africa, the Americas, and the Asia Pacific. Their portfolio includes Combined PET, Indovinya, Indovida, and Fibers, catering to significant sectors such as FMCG, agriculture, lifestyle, and automotive, encompassing beverages, hygiene, personal care, tire, and safety segments. Indorama Ventures boasts around 25,000 employees worldwide and reported an impressive revenue of $15.4 billion in 2024, with listings in the Dow Jones Best-In-Class Indices.