Several years ago, established large companies discovered collaborations with startups as a key source of innovation for further developing their own business models. These companies not only value the outside-in perspective on their own business and the fundamental questioning of all systems, processes, and products, but above all, the speed with which ideas are generated and developed to the point of implementation is a key advantage of such collaborations and an extremely attractive alternative to traditional in-house research and development.
Meanwhile, a variety of programs for cooperation with and support of startups have been developed in German-speaking countries. Recently, there has been a trend toward increasing specialization among various initiatives. This is intended to ensure that the expectations of corporate partners are met as accurately as possible and that young entrepreneurs can be targeted.
The COMPOSITE, Austria's leading energy company, launched the VERBUND X Accelerator launched a program whose success is based on a completely different approach: openness to different industries and a broad international focus.
Overcoming complex challenges through cross-sector cooperation
Climate change and its consequences pose similar challenges for companies from different industrial sectors. This affects not only, but especially, infrastructure companies within the ÖBAG Portfolios – the efficient use of clean energy is the key to an ecologically and economically sustainable business model.
The VERBUND X Accelerator offers an open platform for the development of innovative solutions for companies from a wide range of industries. In 2020, by activating the ÖBAG network with a focus on "Energy & Infrastructure," four additional ÖBAG subsidiaries were successfully persuaded to participate in such a cross-industry initiative. By involving ecosystem partners such as Google, voestalpine, and Erste Group, the industry focus was expanded beyond the ÖBAG universe, thus increasing its attractiveness for young startups.
While specialized accelerators are well-suited to developing solutions with startups for narrowly defined problems, the VERBUND X Accelerator has confirmed the advantages of a broad, cross-sector initiative:
- Cross-industry learning & cooperation
Collaboration with companies from different industries not only changes the perspective on the problem itself, but also broadens the range of possible solutions. For example, a broader view of value chains offers innovative solutions that would hardly be questioned if viewed in isolation.
- Attractiveness for a diverse startup community
Many product ideas from young entrepreneurs involve innovative technologies that could be used in a wide variety of applications or industries. Broad-based startup initiatives provide an ideal breeding ground for the concrete design and commercial implementation of such generic product ideas. Furthermore, programs like the VERBUND X Accelerator are attractive to emerging startups due to their large number of renowned corporate partners.
- Positive effect for the location
Complex challenges spanning all areas of life, such as the climate crisis, mean that economic interrelations must be fundamentally questioned and, if necessary, adapted. Innovation projects by key domestic companies that think outside the box are not only an important building block for achieving climate goals, but also form the foundation for the long-term sustainability of the domestic economy.
Innovation projects by key domestic companies that go beyond their own horizons are not only an important building block for achieving climate goals, but also form the foundation for the long-term security of the domestic business location.
Martin Holzinger
Think globally and implement innovation locally
While domestic project partnerships can be an important building block for the implementation of new technologies, it is essential for broad-based innovation initiatives to address a global startup community. Within the VERBUND X Accelerator, collaborations with partners such as Stanford University and RISE, the largest technology startup platform in the Asian market, has achieved international reach.
Despite the Covid-19 pandemic, a total of over 300 international applicants from 42 countries applied to participate in the VERBUND X Accelerator.
From this very broad field of international startups, 11 young companies were invited to participate in the Innovation Camp. This resulted in six projects that were evaluated for feasibility by corporate partners and startups in an intensive acceleration phase.
The use cases ranged from new technologies for storing green hydrogen to digitizing real estate portfolios for sustainable building management. Plans are underway for a new edition of the successful Cross-Industry Accelerator. Issues such as the climate crisis and the coronavirus pandemic have already shown that a collaborative approach between different players is needed to achieve success.
ÖBAG Director Martin Holzinger He heads the state holding's operations team. He has approximately 15 years of experience in strategy, consulting, and M&A in the financial services industry in Austria and CEE.
