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Evonik Industries plans to further strengthen its innovation capacity over the medium and long terms. To this end, the Group is establishing a new organizational unit, Corporate Venturing, within its unit Innovation Management. Through Corporate Venturing, Evonik plans to invest a total of up to €100 million over the medium term in highly promising start-ups and leading specialist venture capital funds. These investments will focus on Europe, the U.S., and Asia.
"Evonik is following an ambitious growth strategy," said Patrik Wohlhauser, a member of Evonik's Executive Board. "Corporate venturing supplements the Group's existing innovation processes and structures in an ideal way. The goal of our innovation activities is to maintain and expand our high technological competence over the long run. With corporate venturing we’re supplementing our approach with open innovation and creating excellent opportunities for accelerating the development of new businesses and opening up future growth fields."
"Our venture capital investments in innovative ideas and solutions will be oriented toward the megatrends important for Evonik: resource efficiency, health, nutrition, and globalization. Corporate Venturing will also examine new and strategically relevant specialist fields," said Dr. Peter Nagler, Chief Innovation Officer of Evonik.
"Evonik's strengths extend across a well-balanced spectrum of business activities and end markets, close collaboration with customers, and market-oriented research and development," said Dr. Bernhard Mohr, head of Corporate Venturing at Evonik. "We want to be a reliable partner for our venture investments and support their successful growth not only financially, but also with technical expertise and strategic insight. And we want to benefit in the process as well."
More information: www.evonik.com