Castrol’s Global Open Innovation Challenge
Castrol, the makers of industrial and automotive lubricants has teamed up with European start-up accelerator Startupbootcamp to search for its next billion dollar business idea.
The Castrol 20/20 Challenge is inviting companies, start-ups, researchers, entrepreneurs and small businesses everywhere to help it innovate. Participants have to submit details of disruptive new technologies or business models within the company’s four key focus areas: Smart Mobility, Intelligent Operations, Next Generation Engineering and Responsible Castrol.
“The Castrol 20/20 Challenge is an exciting event for us and one which forms an important part of our overall Open Innovation and Corporate Venturing agenda.” Mike Johnson, Chief Executive of Castrol
Ten competition finalists will be shortlisted and flown to events in London and Shanghai, five for each city. At these events they will further develop their ideas in partnership with Castrol. They will also receive mentorship from entrepreneurs and investors as well as an opportunity to win a $10,000 USD prize.
The Castrol 20/20 Challenge is being organised by Castrol’s innoVentures unit, which aims to forge relationships with entrepreneurial organisations that have groundbreaking ideas. This initiative demonstrates not only how Castrol is looking to move beyond its core focus on lubricants, but also a willingness to use open innovation to bring new ideas, innovations and technologies to life.
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