RVC and Michelin, a global leader in production of car tires, have joined efforts to launch a corporate start-up accelerator.
It is for the first time that Michelin opens a call for startups in Russia. The company is searching for innovative technologies to modernize vehicles, for safe driving, personalised medicine and other areas, which can bring more comfort to drivers of heavy-duty vehicles. The startup teams selected by experts will participate in an intensive 3-week training program, where they will be able to adapt their product to Michelin's needs. The best startups will be given an opportunity to sign a contract on cooperation with Michelin in France.
To date, Michelin has invested more than EUR 50 million in 9 venture capital funds in Europe, North America and China. 34 start-ups have reached agreement phases and now are working with Michelin.
"Michelin's DNA is grounded on commitment to innovation, both in product development and in endeavors to find and implement service solutions for the company's customers. New start-ups help us find ideas needed to create new client experience faster. We have been active on the Russian market for more than 110 years now and believe in its innovative potential. We are confident that the partnership with GenerationS will be extremely efficient," said Jeanne Pierre-Ives, Michelin's Deputy CEO for Russia and CIS.
"Being the largest star-up accelerator in Russia and Eastern Europe, GenerationS can boast of having a powerful expert pool and infrastructure which is able to focus only on those projects which can address specific business and technology challenges of the corporate partner. This will allow the customer to implement new developments into existing processes on a target-oriented basis," said Ekaterina Petrova, Head of GenerationS.
About GenerationS GenerationS - the largest start-up accelerator in Russia and Eastern Europe, the federal platform for the development of corporate acceleration tools. It has been held by RVC since 2013. More than 20 Russian and international corporations, in whose interests the selection and acceleration of startups is carried out, become every year Industrial partners of GenerationS. As a result of the multi-stage examination, the GenerationS participants receive ample opportunities for business development and investment promotion and get access to resources and infrastructure of accelerator partners. In 2017, 3470 applications from 13 countries were submitted for participation in GenerationS. The prize fund of the GenerationS final in 2018 will amount to RUB 16 million.
About RVC RVC is the Russian government's fund of funds and the development institute of national venture industry. The RVC's main objectives are to stimulate the growth of national venture investment industry and to function as a Project Office for the National Technology Initiative (NTI). RVC's authorized capital amounts to more than RUB 30 bln. RVC's capital is owned in full by the Russian Federation represented by the Federal Agency for State Property Management (Rosimuschestvo). The total number of funds established by RVC JSC has reached 26 with their total size of 35.5 billion rubles. The share of RVC JSC is 22.6 billion rubles. The number of innovative companies approved for investment by RVC funds reached 218. The total volume of funds approved for investment is 17.9 billion rubles.
About Michelin The Michelin Group designs, manufactures and sells tires for every type of vehicles to facilitate transportation of people and commodities. Michelin publishes travel guides, hotel and restaurant guides, road maps and road books and offers digital products and services improving mobility. Headquartered in Clermont-Ferrand, the Michelin Group is present in 170 countries and operates 68 production facilities located in 17 countries. The Michelin Group has 111,700 employees. All research and development is carried out at the Michelin Technology Center with offices in Europe, North America and Asia.