Startup Engagement as Part of the Technology Strategy Planning -How Rheinmetall Automotive Increases Innovation by Using Corporate Venturing

Abstract

International audienceIn a fast changing environment that is affected by global megatrends, disruptive technological developments and a growing number of new market players, global tier-one suppliers to the automotive industry have to adapt their technology strategy planning by considering current trends in innovation management to maintain their prevailing leading position. This paper presents Rheinmetall Automotive's approach to adopt modern Open Innovation paradigms with a focus on outside-in innovation through Corporate Venturing. Embedded in their Technological Direction Development Process, Rheinmetall Automotive has developed a strategic model to plan startup engagement to improve the current product development and enhance further diversification. Here we describe the several steps how this company-specific strategic model was designed and what prerequisites have to be taken into account to introduce the model in a corporate context