Siemens Technology Accelerator hands-on: How to build innovative businesses?
Since 2001 Siemens Technology Accelerator has successfully built many innovative businesses based on Siemens inventions and addressed highly valuable applications in markets which are not covered by any Siemens entity.
Dr. Rudolf Freytag, CEO of Siemens Technology Accelerator, explains how Siemens Technology Accelerator works and what can be in it for you.
What is the mission of Siemens Technology Accelerator?
Siemens Technology Accelerator is creating innovative businesses based on cutting-edge Siemens technologies. We have access to the innovation ecosystem of Siemens and work with highly innovative technologies which have additional applications outside the company’s core business or do not find their way from R&D into the company’s products for various strategic reasons. Building innovative businesses can go two ways: Either by founding of venture capital financed start-ups or selling or licensing all the necessary parts of a new business – like technologies, patents, know-how and a market-tested business plan – to an established company which in turn builds that innovative business within its own structures to enhance its current business.
Who are you working with at Siemens?
Siemens Technology Accelerator’s success is based on listening to the different needs of the various parties at Siemens who deal with innovative technologies. Inventors are approaching us when they would like to understand the value of their invention to ensure that its full potential is being realized. We help them to gain insights about market conditions and customer requirements that are crucial to developing their idea further. R&D managers are often looking together with us for ways to leverage their innovative technologies and ideally combine that with generating additional revenue for their departments to finance further research projects. Consolidation of internal R&D efforts and exploitation of potential market gaps may also be a reason for talking with us. Finally, business leaders are discussing with us how to optimize their value chain in order to serve their customers best. We can build suppliers of innovative technologies for them that they would like to integrate in their offerings but for strategic reasons do not want to productize internally.
If I came to you with an idea, how would that evolve into building an innovative business?
We start with an evaluation of your idea’s potential by looking at business opportunities and analyzing market attractiveness. If that turns out to be promising, the next phase is “Testing and Market Feedback”. Here we shape the product or service idea and test it with real customers to get their feedback to refine the approach. If that also goes well we will enter the phase “Business Building and Scale-up” which means founding a start-up company or doing a sale or licensing transaction with an established company.
As every idea and technology is different, these phases are neither blueprints nor linear. They are rather an iterative approach with fast learning cycles to increase the value of the business model and the associated assets. Siemens Technology Accelerator is a one-stop-shop when it comes to business building. Our Venture Directors or the partners of our network within and beyond Siemens cover all the expertise needed: business planning, finance, tax, intellectual property, contracts and so on.
Why is it fun working with Siemens Technology Accelerator?
We are glad to hear from many people at Siemens and outside of Siemens that they really enjoyed working with us on building these innovative businesses. It is the same reason why our Venture Directors love what they do: It is exciting to bring an interesting innovative idea into being and to see how it grows into a profitable and innovative business. The feeling of creating something new which would not have otherwise been there more than compensates for all the effort and stamina needed to get there. In addition, our Venture Directors enjoy the broad field of applications and markets our businesses are in. This ranges from medical equipment, biotech sensors, industrial software to actuators. We have built a rich network with investors, service contractors, and other partners outside of Siemens. And being part of the Siemens innovation ecosystem certainly helps very much as well. This broad experience and extensive network are key to finding creative out-of-the-box approaches for new businesses ideas which come to our attention.
We are looking forward to getting in touch and discussing with you how to create technology-based businesses.
If you are a Siemens employee and want to apply for a Siemens Technology Accelerator project, you can contact us as well via the contact form button on the right.