Ad
Ad
Ad
Ad
Ad
Ad
Ad
© firaxissmooke dreamstime.com Electronics Production | July 01, 2016

Siemens investing €1 billion in new startup unit

Siemens will set up a separate unit to foster disruptive ideas more vigorously and to accelerate the development of new technologies. The unit's name, "next47," plays on the fact that Siemens was founded in 1847.
The new unit will have funding of EUR 1 billion for the first five years. Siegfried Russwurm, Siemens Chief Technology Officer, will head the new unit on an acting basis.

"Siemens itself was a startup in 1847 – founded in a rear courtyard in Berlin," said Joe Kaeser, President and CEO of Siemens AG. "With next47, we're living up to our company founder's ideals and creating an important basis for fostering innovation as we continue Siemens' development."

The new unit will be given the necessary independence but can nevertheless leverage the advantages offered by Siemens. It will have offices in Berkeley, Shanghai and Munich. next47 will build on Siemens' existing startup activities. The new unit will be open to employees as well as to founders, external startups and established companies if they want to pursue business ideas in the company's strategic innovation fields.

"next47 will provide the freedom to experiment and grow – without the organizational restrictions of a large company. Our new unit will rigorously pursue Siemens' strategy and enable us to tap into disruptive ideas in our core areas of electrification, automation and digitalization," said Siegfried Russwurm.

Comments

Please note the following: Critical comments are allowed and even encouraged. Discussions are welcome. Verbal abuse, insults and racist / homophobic remarks are not. Such comments will be removed.
Further details can be found here.
Load more news