Global industrial and automotive supplier Schaeffler has entered into a partnership with Plug and Play, a Silicon Valley-based innovation platform that connects startups with established corporations and venture capitalists. Of the 14 industry-specific programs offered by Plug and Play, Schaeffer will focus on technologies from the Mobility and Internet of Things (IoT) verticals, while also keeping an eye on innovations coming out of Energy, New Materials & Packaging, and Supply Chain & Logistics.
With more than 20 locations worldwide, Plug and Play’s ecosystem will help Schaeffler build on its capacity for in-house innovation—which produced more than 2,400 new patents in 2017 alone—by partnering with external business enterprises and startups to uncover new technologies, products and processes as well as untapped market segments and customers.
Schaeffler’s partnership with Plug and Play is the latest step in the company’s mission to tap into Silicon Valley’s deep reservoir of creative talent and innovative thinkers. Earlier this year, Schaeffler opened a new office in San Jose, California, the staff of which has been tasked with fostering new relationships with potential technology partners and local disruptors to advance Schaeffler’s corporate strategy that is dedicated to shaping “Mobility for tomorrow.”