Siemens, a German engineering giant, is launching a $100m fund to back software start-ups that have the potential to disrupt manufacturing. The fund, Next47, aims to foster innovation and technological advancement in the manufacturing sector. Siemens hopes to tap into the entrepreneurial spirit of start-ups to bring about a revolution in the industry.
The company is particularly interested in start-ups that focus on industrial automation and digitalisation. Siemens believes that these areas hold the key to transforming manufacturing processes, making them more efficient and sustainable. The fund will provide these start-ups with financial backing, as well as access to Siemens’ vast network of resources and expertise.
Next47 will operate independently from Siemens, but will maintain a strong connection with the company. This will allow the fund to make quick decisions and take risks, while still benefiting from Siemens’ experience and knowledge. Siemens is confident that this approach will result in innovative solutions that will change the face of manufacturing.
This move by Siemens reflects a growing trend among large corporations to invest in start-ups. These corporations recognise the value of fresh ideas and new approaches, and are willing to provide financial support to help these ideas come to fruition. Siemens’ fund is a significant step in this direction, and could potentially lead to a new era of manufacturing.
Go to source article: http://techcrunch.com/2014/02/17/siemens-launches-100m-fund-to-back-software-startups-that-can-disrupt-manufacturing/