SKF India Launches Open Innovation to Accelerate Innovation and Create More Sustainable and Customer-Oriented Solutions

#SKFIndia #InnovationEcosystem #OpenInnovation #IncubateHub

“Our Open Innovation initiative aims to accelerate innovation by collaborating with startups, SMEs, researchers, and universities. 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.” - Manish Bhatnagar, Managing Director, SKF India Ltd.

October 2023 : SKF India, the country’s leading bearings manufacturer, has announced the launch of Open Innovation initiative to accelerate innovation and create more sustainable and customer-oriented solutions under the intelligent and clean strategy. 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.

The Open Innovation initiative 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, contribute 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.

Manish Bhatnagar, Managing Director, SKF India Ltd. said, “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. 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.

Alagesan Thasari, Director for Automotive India and Southeast Asia, said, “With trends like sustainability, electrification, and digitalization, transforming industries, we believe innovation will be the key differentiator for success. 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.”

Start-ups, universities, research institutions, and more can visit https://skfopeninnovation.incubatehub.com/ to learn more and submit ideas. Successful submissions will be given an opportunity to drive innovation forward together as collaborative partners.

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