India is a thriving hub for innovation-driven start-ups, says Bhatnagar
SKF India, the country’s leading bearings manufacturer and subsidiary of Swedish AB SKF, is accelerating innovation and creating more sustainable and customer-oriented solutions under the intelligent and clean strategy for the Southeast Asian markets.
In collaboration with IncubateHub, the initiative invites participation from start-ups, scale-ups, academia, and industry experts to exchange ideas, technologies, and expertise to co-create solutions for the industrial and automotive businesses in the Southeast Asian region.
In line with SKF’s purpose, “Together, we re-imagine rotation for a better tomorrow,” the Open Innovation initiative announced on 12 Oct 2023, will accelerate innovation and solve complex problems, leading to increased competitiveness, adaptability, and growth.
By enabling co-creation of clean technologies and value-adding solutions, SKF aims to offer competitive advantages to customers and, at the same time, contributes to a sustainable world.
The Initiative will also contribute to the growth of startups by providing access to funding, new markets, and the opportunity to develop solutions that resonate with the market’s needs.
“India is a thriving hub for innovation-driven start-ups. Our Open Innovation initiative aims to accelerate innovation by collaborating with startups, SMEs, researchers, and universities,” says Manish Bhatnagar, Managing Director, SKF India Ltd.
“Together with leading innovation platforms like IncubateHub, we are looking to draw on the country’s brightest minds to co-create pioneering solutions that solve some pertinent problems in the industrial, automotive, and engineering space.
“While the innovators’ community benefits from our scale and operational expertise, our customers benefit from the valuable and sustainable innovations.”
IncubateHub is an open innovation and corporate venturing platform to drive digital transformation and sustainable solutions. The platform will work closely with SKF to add new challenges and connect with startups, students, and innovators community.
“With trends like sustainability, electrification, and digitalization, transforming industries, we believe innovation will be the key differentiator for success,” added Alagesan Thasari, Director for Automotive India and Southeast Asia.
“Through these platforms, the Open Innovation initiative aims to broaden the horizon of value creation, unlock hidden potential for innovation, and open the door to strategic partnerships, and new business models.
“Along with facilitating more scouting activities across India and Southeast Asia region, this initiative will focus on executing the best concepts through a series of testing and providing advanced technical knowledge for design, process, and supplier validation. Together, we can solve real-world challenges through collaboration and innovation,” said Thasari.
Start-ups, universities, research institutions, and more can visit skfopeninnovation.incubatehub.com to learn more and submit ideas. Successful submissions will be given an opportunity to drive innovation forward together as collaborative partners.
Founded in 1907, SKF is represented in approximately 129 countries and has around 17,000 distributor locations worldwide. Fiinews.com
