Chemovator GmbH, the internal incubator of BASF, turns unconventional ideas which carry usually high risks and lie outside the core business of BASF
into investable business models.
The company was founded in May 2018.
“A lot has happened,” said Dr. Markus Bold, head of Chemovator GmbH.
Seven teams already moved into Chemovator. There is space for up to 12 teams in total.
"In the last year, we saw more than 50 idea pitches from BASF employees. I am thrilled about the variety of ideas and I have a lot of respect for each and every BASF employee who takes the courage to present a business idea on our stage," Bold said.
Chemovator puts great emphasis on the external exchange of competencies and knowledge with experience founders and business angels. In addition, the teams can focus 100 percent on their business idea. This enables Chemovator to combine the best of both worlds: corporates and startups.
The next step is to bring the first wave of portfolio ventures to fruition. Furthermore, Chemovator will contribute to turn the Rhine-Neckar region to the preferred hub for startups around chemistry.
“Our goal is to become the go-to-place for incubating ideas for the chemical industry,” Bold said. “To do so, we want to strongly collaborate and foster an extensive exchange with local innovation hubs and cooperators.”