Founders need more attention
Start-ups awarded for innovative materials
• Covestro supports second University Innovation Challenge
• Open innovation with universities and start-ups
Start-ups in chemistry and materials science represent sustainable business ideas and entrepreneurship, but deserve more attention. Covestro therefore specifically promotes young start-up teams and university spin-offs. To this end, the materials manufacturer honored founders with ideas for innovative, sustainable materials as part of the University Innovation Challenge in Frankfurt am Main.
“Especially now, we need courageous ideas for more sustainable solutions in the chemical industry, because we want to drive the change to a more circular economy. We are using more alternative raw materials instead of crude oil and see particularly great potential in the retrieval of raw materials out of plastic waste,” said Dr. Hermann Bach, Head of Innovation Excellence & Commercial Operations at Covestro. “We therefore want to listen to young founders and work with them. The award is designed to help open the right doors to the most promising ideas more quickly.”
Start-up receives award for Future Materials
Bach presented the prize in the Future Materials category to the start-up Siut as part of the University Innovation Challenge in Frankfurt am Main. The young Berlin-based company has developed an innovative application for building materials. The University Innovation Challenge was initiated by Frankfurt's Goethe University and the business newspaper Handelsblatt in order to bring the results of university research in Germany into contact with industry more quickly. Founders from all German-speaking universities could apply.
With 2018 sales of EUR 14.6 billion, Covestro is among the world’s largest polymer companies. 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, and electrical and electronics industries. Other sectors include sports and leisure, cosmetics, health and the chemical industry itself. Covestro has 30 production sites worldwide and employs approximately 16,800 people (calculated as full-time equivalents) at the end of 2018.
This news 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 at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.