SAP has chosen two new employee-created businesses to join the SAP.iO Venture Studio. GreenToken and OwnID won funding with the goal of scaling to impact SAP and its customers.
In-house innovation has been one of SAP’s recipes for success since its founding days nearly half a century ago. Driving transformative innovation inside the company demands going beyond innovating upon existing products by actively scouting for new ideas. Once identified, these innovative ideas can build and grow upon SAP’s unique strength and assets such as the company’s technologies, data and customer relationships.
“It’s our job to keep our eyes on the future,” Max Wessel, chief innovation officer of SAP, said. “But it’s more than just having the ideas. We have to put an operating model in place to facilitate innovation for our customers.”
Venturing inside of SAP — also known as intrapreneurship — is one of the ways SAP accomplishes the task by reimagining how products and services can be delivered from the ground up.
From Idea to Product Incubation
The internal accelerator program at SAP has been identifying high-potential, entrepreneurial employees inside the company since 2015. With the help of a structured program, the employees join together in teams that create an idea for a new venture. The selected SAP teams then receive mentorship to validate critical assumptions and solve real business problems.