BASF is a German chemical company founded in 1965. The firm is a major contributor to agricultural crop protection products.
What is BASF’s Chemovator Program?
The Chemovator GmbH is the business incubator and intrapreneurship program of BASF, available to all BASF employees. Complementary to the existing innovation landscape of BASF, Chemovator offers a protected space to accelerate speed to market for new products, digital business models, or comprehensive all-around solutions – with significant reference to chemistry.
Located in Mannheim, Chemovator offers an unconventional startup environment for up to 12 Venture Teams with plenty of space for experimentation.
One of the first startups that emerged out of Chemovator was BOXLAB Services GmbH. Founded by Mischa Feig and Lisa Ruffin, BOXLAB services function to improve supply chain procedures by offering quick and sustainable solutions to product packaging issues.
BOXLAB was a market success and now has over 70 warehouses in 10 countries as customers. BASF gained a minority share in BOXLAB and improved its label and packaging processes.
We have seen numerous examples of intrapreneurship programs that resulted in ideas that changed the fortunes of organizations. Be it BASF’s successful intrapreneurship program Chemovator, ITC’s e-choupal initiative, Nitin Prajanpe’s experiments at Hindustan Unilever, or Deutsche Telekom’s UQBATE program.
Though Entrepreneurship was the word of the last few decades, Embracing Intrapreneurship is the new winning formula for organizations to thrive and get a step ahead of the competition for this decade. Organizations ought to recognize intrapreneurs within them and give them a stage to share and deploy their ideas. In the given future, it is employee-driven innovation that will help improve the innovation potential of organizations, and not just management-driven initiatives.
Want help getting employee ideas? Getting hands on an idea management platform is the right place to start. Need help to find the right software for your organization’s needs? This listicle should help – List of best idea management software.