Schaeffler Partners with Plug and Play to Expand U.S. Startup Network
January 4, 2019—Global industrial and automotive supplier Schaeffler has entered into a partnership with Plug and Play, a Silicon Valley-based innovation platform that connects startups with established corporations and venture capitalists. Of the 14 industry-specific programs offered by Plug and Play, Schaeffer will focus on technologies from the Mobility and Internet of Things (IoT) verticals, while also keeping an eye on innovations coming out of Energy, New Materials & Packaging, and Supply Chain & Logistics.
“We are excited to engage with our new partners at Plug and Play, who give us a compelling new avenue to uncover trends and opportunities for advancing our ‘Mobility for tomorrow’ corporate strategy,” said Prof. Dr.-Ing. Tim Hosenfeldt, Schaeffler’s senior vice president for technology strategy and innovation. “Just as our recently launched ‘in-house’ startup Bio-Hybrid GmbH has invigorated our efforts to transform personal mobility, Schaeffler looks forward to connecting with the creative minds within external startups who can provide us fresh perspectives to help us meet the present and future needs of our automotive and industrial customers.”
With over 20 locations worldwide, Plug and Play’s ecosystem will help Schaeffler build on its renowned capacity for in-house innovation – which produced more than 2,400 new patents in 2017 alone – by partnering with external business enterprises and startups to uncover new technologies, products and processes as well as untapped market segments and customers.
“The partnership with Schaeffler brings a new perspective to our mobility ecosystem. We look forward to working closely with our new partners and to introducing them to new technology that supports their mission,” says Sobhan Khani, vice president of Plug and Play’s IoT, mobility, and real estate and construction programs.
Schaeffler’s partnership with Plug and Play is the latest step in the company’s mission to tap into Silicon Valley’s deep reservoir of creative talent and innovative thinkers. Earlier this year, Schaeffler opened a new office in San Jose, California, whose staff has been tasked with fostering new relationships with potential technology partners and local disruptors to advance Schaeffler’s corporate strategy that is dedicated to shaping “Mobility for tomorrow.”