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Severstal, GVA launch Severstal SteelTech Accelerator

Severstal and Global Venture Alliance, with the support of the National University of Science and Technology MISiS, announced the launch of Severstal SteelTech Accelerator, Russia’s first full-scale industrial accelerator for startups in the metal industry. Its main purpose is to search for innovative solutions in industrial production and integrate them into Severstal’s production cycle.

Severstal is seeking technology companies and startups that are ready for long-term cooperation, implementation and commercialization of joint technology and products.

“Success of any business in the world of rapidly developing technology depends on the ability to successfully apply new opportunities that they create. Severstal wants to become the leader of the metal industry of the future. Even today, we have the best cost-effectiveness indicators among the world’s metal companies. But we plan to reinforce our leadership and widen the gap between us and our competitors as well as to offer our clients even more innovative and truly unique solutions. We believe that it is possible only as a cooperation project, through the coupling of our expertise and resources with technology owners’ competence. We are open to new opportunities and ready to provide our technological partners with the best conditions in the market for implementation of relevant innovative ideas,” commented Severstal CEO Alexander Shevelev.

“The open innovation approach is a leading methodology to accelerate transformation of progressive corporations. GVA uses best international practices of working with startups in Russian companies. SteelTech Accelerator will become a system-wide tool that will pilot and implement advance developments into various Severstal divisions and companies. This is a unique chance for innovators in the industry to get support, expertise and funding for taking their projects to a new scale,” said Zamir Shukhov, GVA CEO and Managing Partner.

Severstal is ambitiously working on developing an integrated mechanism for fast and quality implementation of external and internal innovation. Severstal’s acceleration program is unique because, along with the launch of an external accelerator, the company is also launching Severstal SteelTech Lab, the first in the Russian metal industry corporate project to accelerate internal innovative initiatives proposed by company employees. Together, the two programs will supply new technological solutions to the industry and take Severstal to the next level of innovative maturity while external startups will get additional guarantees of a favorable creative environment for their innovative activity in the company and understanding of the implementation processes for the technological solutions on behalf of the employees at all levels.

In 2019, Severstal plans to invest around $25 mio into venture funds and projects as well as around $16 mio into piloting innovative initiatives and products.

The program is supported by the industry’s principal higher education institution, the National University of Science and Technology MISiS, the leading research and training facility in the country for professionals in metal processing and materials science.

According to MISiS President Alevtina Chernikova, “the university has been successfully cooperating with Severstal for many years, working on joint research, educational and career guidance projects.  Involving MISiS experts and students into the metal industry’s first accelerator for industrial startups will promote innovative ideas and technological solutions for the industry’s development.”

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