New Delhi: ZF Friedrichshafen has established Data Venture Accelerator ready to meet the challenges of the development and deployment of its data businesses. Data Venture Accelerator is a global venture hub within ZF’s Innovation & Technology organisation.
It is being established to expand products that have successfully shown value and technology feasibility from innovative proof of concepts to mature data products, ZF said in a statement.
“ZF has had great success in innovating valuable digital and data initiatives, and we now want to expand these approaches into scalable business offerings,” Dirk Walliser, senior vice president Corporate R&D, Innovation and Technology, said.
“With Data Venture Accelerator we have developed an operational model which will allow such initiatives to translate more quickly and effectively into product offerings that will meet the needs of our customers and society,” he said.
Data Venture Accelerator consists of three main elements, namely venture speedboats, data business centres of excellence (CoE) and joint market team.
Venture speedboats are independent, autonomous and multi-disciplinary teams established solely to accelerate incubated data business to the market.
Ventures are run like start-up companies and managed with venture capital-like governance.
CoE provides expert resources to ensure consistent application of processes, methods, and tools to each venture speedboats.
The joint market team is a paired team of ZF product-facing and dedicated data business market experts, which will collaboratively work to address both existing and new customers’ needs.
Walliser sees the Data Venture Accelerator as a key contributor to ZF’s future. “ZF is able to generate added value and revenue for its customers with digital end-to-end data solutions, and they will see more data product and service offerings from ZF resulting from the Data Venture Accelerator,” he said.
As a system supplier with software and data competence, ZF has already created an ecosystem for this purpose – and the Data Venture Accelerator will help put data business squarely on the fast track, the company statement added.