In 2019 the Company plans to invest around $25 mln in venture funds and projects and an additional $16 mln in prototyping new technologies
March, 20, 2019 – PJSC Severstal and Global Venture Alliance (GVA) announce the launch of Severstal SteelTech Accelerator – Russia’s first full-scale industrial accelerator for start-ups in the metallurgical industry.
Severstal SteelTech Accelerator’s main goal is to find innovative solutions in the industrial sector which can be successfully integrated into Severstal’s production cycle. The window for project selection will last from 18 March to 12 May 2019.
Severstal is looking for technology companies and startups that are ready for long-term cooperation, implementation and commercialization of joint technologies and products.
Alexander Shevelev, Chief Executive Officer of Severstal, commented:
“In a world of rapidly developing technologies, the success of any business depends on its ability to make the most of new opportunities. Severstal aims to become the leader of the metals industry of the future. Today, we are already a global industry leader in terms of profitability. However, we plan to strengthen our leadership, increasing the cost gap between us and our competitors and offer our customers even more innovative and truly unique solutions. We are certain that this is possible only through direct cooperation with new talent, combining our expertise and resources with the owners of developing technologies. We are open to new opportunities and ready to provide our technology partners with the best conditions on the market to realise the potential of innovative ideas relevant to our business.”
Start-ups will spend three months working intensively with leaders in the industrial sector and benefit from more than 80 hours of one-to-one training with experts and mentors. They will also be given access to a wide base of resources, laboratories and workplaces at Severstal, as well as product packaging and development facilities, and the opportunity to launch their own pilot project.
Severstal SteelTech Accelerator is looking for teams based on the following criteria:
- Solution/product value offer for Severstal (product innovation);
- Solution/product maturity (availability of working product/prototype);
- Business maturity (sales availability);
- Potential benefits to Severstal’s business;
- Willingness to develop the program in Moscow and Cherepovets.
Startups involved in the project are selected across three areas:
- Product Innovation
Applying the latest technologies for the improvement of product quality, developing new product types and working with new materials
- Innovation processes
New solutions aimed at improving product quality and reducing costs at all stages of the production chain
- New business models
Introducing new services that could bring the Company financial benefits, increase market coverage, or offer new approaches to solving business problems for Severstal’s customers and employees.
To participate in the program, you must apply online. Applications will be accepted until May 12 2019, after which an expert jury of representatives from Severstal and GVA will select entries for each category. Participation in the program is free.
Severstal is creating a single mechanism for the rapid and high-quality implementation of external and internal innovations. Simultaneously with the launch of its external accelerator program, Severstal SteelTech Accelerator, the Company is launching the first corporate project in Russia’s metallurgical industry to accelerate internal innovative initiatives proposed by the company’s employees – Severstal SteelTech Lab. The combination of programs will stimulate the development of new technological solutions for the industry, bring Severstal to the next level of innovative maturity, provide external start-ups with a supportive environment for creative innovation, and foster an understanding of the technological solution implementation among Severstal employees at every level.
The program is being launched with the support of the National University of Science and Technology MISiS, Russia’s leading educational and scientific center for the training of specialists in metallurgy and material sciences. Every year the university produces the best developers of innovations for the industry. The university will be attracting the best graduates and experts from its own base to the program.
About the organizer and the operator
Severstal is one of the world’s largest vertically integrated steel and mining companies with major assets in Russia and enterprises abroad. In 2018, the company’s revenue amounted to $ 8,580 million, EBITDA reached $ 3,142 million. In 2018, 12.0 million tons of steel was produced. In 2019, the investment program of Severstal will be 95.7 billion rubles. In the process of implementing its strategy, the company uses not only its internal innovation potential — digital and IT departments with the best specialists in Russia, technological development centers and R&D, but also attracts external expertise. In particular, the company has launched its own Technopark and a venture capital division, Severstal Ventures, which invests in venture funds and projects around the world.
The Global Venture Alliance (GVA) is an international company that acts as an intermediary between young entrepreneurs and large corporations seeking new ideas and new proposals. For more than seven years, it has successfully launched acceleration programs, collaborating with the state and corporate sector, as well as with the community of start-ups and entrepreneurs. Over the years, more than 550 start-ups have been launched, and GVA graduates have attracted more than $ 30 million in venture capital and private equity.