This week ABB Switzerland organised a Startup day at their HQ in Baden.
The format was presentations in the morning (ABB on innovation, followed by 15 minute pitches from each startup), then lunch, followed by 20 minute one-on-one meetings between ABB management and the startups in the afternoon.
The attendees were about 40 top managers at ABB and 11 startups picked by ABB with the help of the CTI startup ecosystem. The managers included many business unit heads so there really were decision makers present. What is impressive is how seriously the ABB top management took this day – most of them scheduled one-on-one meetings all afternoon.
Reno Lütolf, ABB Switzerland country manager
kicked off the presentations with ABB’s vision: Power and productivity for a better world
- Improve operation performance, whilst using less energy
- Drive innovation
- Attract talent
- Act responsibly
ABB has145,000 employees, $39 billion of revenue split across 5 divisions: Power products, Power systems, Low voltage system, discrete automation and motion, process automation. 8000 of these employees are R&D engineers – “Innovation is key to ABB’s competitive advantage”.
Kurt Kaltenegger, ABB Technology Ventures
followed up with some more details:
ABB has always been a big innovator: 1st synthetic diamond, 1st industrial robot, 1st liquid crystal tech, several 1sts in electric/hybrid motors. And more recently the 1st high voltage DC breaker. This last invention has put ABB on the MIT Technology Review list of the 50 most disruptive companies because this technology makes it practical to build high-voltage DC electric power grids which are needed to bring power long distances (from windfarms, solar farms, etc. to the main population areas).
The goals of the Startup day are to leverage the innovation ecosystem in Switzerland and to envisage co-operation of all kinds
ABB Technology Ventures sees 3 global innovation hotspots with startup activity: North America (US,CA) Israel, and Central/Northern Europe. In fact this innovation day in Switzerland follows on from one they ran last year with Israeli companies.
He explained that ABB engages with startups in any of the following ways:
- Partnership and co-operation with local and global business units and R&D
- Equity investment (with different levels of business support)
- Pre-acquistion or Acquisition by the M&A team
ABB are looking for win-win deals and are not risk adverse – a high risk is OK if there’s a high market potential. Areas of interest include big data, Internet of things, sensors, Software as a Service and every disruptive Technology in proximity to ABB’s today and/or future business
They’ve made more than a dozen investments so far.
The CTI startup president Lutz Nolte, who helped ABB select the startups presenting, gave a CTI intro pitch – explaining the role of the CTI as a catalyst between public funded innovation and Industry.
And the startups? Given ABB’s stated areas of interest (big data, Internet of things, sensors, Software as a Service) it’s not a surprise that they were in these areas. Note: as it was a private event I’m not going to list them.
The event was organised by Michael Daiber, Innovation Agent and Franziska Bossart, Head of Innovation at ABB Switzerland.