Pittsburgh, July 10, 2018 — It happens all too frequently: As companies become larger and more established, they may lose that entrepreneurial spark that spurs innovation and keeps them one step ahead of the competition. Not so with Covestro – a leading materials supplier that often refers to itself as an “XL startup with 80 years of experience,” since separating from Bayer to become an independent company in 2015.
Covestro LLC is collaborating with Plug and Play to explore opportunities in materials innovation. Silicon Valley-based Plug and Play is among the world’s largest startup accelerator and innovation center. The organization connects startups with corporations—a winning combination that gives entrepreneurs access to resources and large companies access to cutting-edge solutions for specific vertical markets.
Covestro recently signed on as a participating corporation in the New Materials & Packaging platform. The company also has opportunities to collaborate with entrepreneurs in other Plug and Play industry-specific vertical platforms, such as Mobility, the Internet of Things, Health & Wellness and more.
“Working with Plug and Play extends our reach into the startup world far beyond what we could do on our own,” explained Currie Crookston, head of innovation management, Covestro LLC. “By working closely with startups today, we’re staying on top of tomorrow’s trends while working to solve the challenges of the future.”
“Everyone benefits,” agreed Saeed Amidi, founder and CEO, Plug and Play. “Covestro is gaining a fresh perspective while startups can take advantage of their global expertise and materials. We’re very pleased to have them on board.”
Plug and Play is just the latest example of Covestro’s commitment to fostering a more entrepreneurial culture. Last year, the company launched the Startup Challenge, encouraging its employees around the world to submit their ideas for the chance to win 1 million euros in seed funding … and one year to bring their idea to life. Covestro also seeks inspiration through collaborative initiatives, like “Rethink the Rink”—a joint project with the Pittsburgh Penguins® and Carnegie Mellon University’s College of Engineering to explore how material solutions can improve the safety of hockey.
The company’s strong focus on innovation has not gone unrecognized: Earlier this month, Carnegie Science Center honored Covestro with the Carnegie Science Award for Corporate Innovation. The award is presented to an organization in western Pennsylvania that develops and encourages an environment that promotes innovation in science or technology.
“Innovation is key to our strategic goals, and we’ll continue to explore new ways to integrate it into all aspects of our corporate culture,” said Crookston.
About Covestro LLC:
Covestro LLC is one of the leading producers of high-performance polymers in North America and is part of the global Covestro business, which is among the world’s largest polymer companies with 2017 sales of EUR 14.1 billion. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, construction, wood processing and furniture, electrical and electronics and medical industries. Other sectors include sports and leisure, cosmetics and the chemical industry itself. Covestro has 30 production sites worldwide and employed approximately 16,200 people at the end of 2017.
Find more information at www.covestro.us.
About Plug and Play:
Plug and Play is a global innovation platform. Headquartered in Silicon Valley, we have built accelerator programs, corporate innovation services, and an in-house VC to make technological advancement progress faster than ever before. Since inception in 2006, our programs have expanded worldwide to include a presence in 28 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 6,000 startups and 220 official corporate partners, we have created the ultimate startup ecosystem in many industries. We provide active investments with 200 leading Silicon Valley VCs, and host more than 700 networking events per year. Companies in our community have raised over $7 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club, PayPal, SoundHound, and Zoosk.
For more information, visit www.plugandplaytechcenter.com.
Alice Sox, Phone: +1 412 413 5430
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This press release may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro’s public reports which are available on the Covestro website at www.covestro.com. Covestro assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
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