The task of BASF New Business GmbH, a subsidiary of BASF SE, is to track down, open up and establish new, chemistry-based business areas in the market. This makes us an incubator and accelerator of chemistry-based ideas and a source of innovative solutions, which we bring to the market fast, applying a flexible approach.
In our work, we consistently keep in mind added value for potential customers: we first identify significant problems experienced in prospective markets and by potential customers, for whom we then – preferably together with appropriate partners – develop suitable solutions.
The objective of our daily work is to turn business ideas and concepts into profitable business with a high success potential. To achieve this, we work systematically, using agile methods and iterative business experiments: we boldly and rapidly convert ideas into demonstrators or prototypes, in order to gain prompt and continuous feedback from the market. This helps us right from the start to ensure that our solutions appeal to the respective target groups, thereby significantly increasing the likelihood of success in the market.
We adopt structures that allow us to react rapidly. In the initial phase, we work with small, flexible teams, which we then expand during the development of the business and convert to start-up-style structures. Our teams are distinguished by a high degree of entrepreneurial commitment, personal initiative, and flexibility. These qualities go hand in hand with specific industry and technical expertise.
We foster an open innovation culture. Exchange and close cooperation with our external and in-house partners enable us to accelerate successful implementation of our ideas in the market: we keep up a regular dialog with numerous partners and continuously expand our network of experts through various forms of cooperation.
Early in the project phase, we form partnerships with universities, institutes and companies, which we then expand and intensify as projects advance. We also cooperate with partners in publicly sponsored projects.
About 80 employees, together with many others from BASF subsidiaries all over the world, for example EnerG2, Deutsche Nanoschicht GmbH, BASF 3D Printing Solutions GmbH and Innofil3D, work for BASF New Business in the “Foresight”, “Scouting & Incubation” and “Business Build-Up” units in Germany, USA and Asia. They cooperate closely with numerous external partners throughout the value chain and with BASF research centers and business units.
Our “Foresight” unit starts by identifying significant problems experienced in emerging markets and raised by customers. The “Scouting & Incubation” unit then develops ideas for solutions and business concepts for the problems with the highest business potential and incubates them until they are implemented in the market. Successfully validated business plans are scaled up by the “Business Build-Up” unit with the aid of start-up-style structures, either within BASF New Business or by an independent subsidiary of BASF New Business.
"In times of rapidly changing markets, we must identify trends even before they have fully emerged. Products and technologies that will be in demand tomorrow should be put into the pipeline today. To do so, it is crucial that we identify trends even earlier than today, prioritize them and turn them consistently into profitable business success for BASF with benefits for customers. Our highly motivated team in BASF New Business GmbH and BASF Venture Capital GmbH is happy to tackle this challenge together with you."
Dr. Guido Voit, Managing Director, BASF New Business GmbH