Finnish technology group Wärtsilä announced launch of the Wärtsilä SparkUp Challenge for start-ups at Slush Helsinki, focusing on smart marine and smart energy.
The Challenge is based on Wärtsilä’s new purpose: “enabling sustainable societies with smart technology”. It starts with the focus on Wärtsilä’s recently launched Smart Marine Vision, inviting start-ups to collaborate around the whole value chain of smart shipping. The application period starts on November 30 and continues until 31 January 2018.
After the application closes, the Wärtsilä SparkUp jury will choose up to 12 start-ups and universities to compete in a 4-day challenge organised in Helsinki during March 2018. Two winners will get the chance to work with Wärtsilä in one of our two Digital Acceleration Centres (DAC) in Helsinki or Singapore to create a Minimum Viable Product (MVP).
“This is an amazing opportunity to co-create with us for, and really accelerate the development of, innovative digital services that sit at the heart of transforming Wärtsilä into being an as-a-service smart technology company,” says Alid Dettke, Wärtsilä’s Vice President of Digital Innovation.
The Wärtsilä SparkUp Challenge for start-ups is part of the company’s new Tiered Venturing Model that consists of five levels: the first step being when Wärtsilä invests into existing accelerator or incubator programmes focused on the Marine and Energy sectors.
The second level of the Wärtsilä Venturing Model is the Wärtsilä SparkUp Challenge and the third venturing level is strategic partnerships with start-ups and other small companies. Venturing on level four means being involved in joint venture opportunities with partners, and finally the ultimate step in this collaboration is a traditional mergers and acquisitions activity.
