Startups face a highly changeable environment
As a startup moves towards distinct stages (pre-seed, seed, growth, scaling), what they need and what they can offer changes continuously. Some examples of how a startup can change is Slack that started as a game, YouTube that started as a dating site and Twitter that started as a search engine for podcasts. If you compare this to the Volvo Group, we have been offering trucks for the better part of a century. The fast-paced change which is needed to survive and thrive is easier to handle as a small company compared to a large corporate. The pace of a startup also makes it hard for a corporate to support when the company develops and the corporate must adjust how much time and resources that is invested and how much risk they are willing to take. In other words:
Tailormade programs for each phase
Therefore, CampX by Volvo Groups engagement programs are tailormade for every phase. The graph below is a visualization of what level Volvo Group is investing resources and support in the startup based on which phase the startup is currently in (seed, growth or scale).
The CampX Engagement Programs graph
Can startups move through the programs?
Let us give two examples on how a startup can “travel” through the different programs we offer and how they are interlinked.
Kite was co-founded in 2021 by a former Volvo Group employee, mainly working on one-off cooling products for the battery electric market. When it became clear that some of these one-off solutions could be scaled to several markets the startup pivoted towards a more serial production approach and moved in the CampX Incubator. Within a few weeks they were writing a scope of work for a project in the CampX Accelerator. Currently they are concluding that first project and preparing many more.
Fyrqom is a spin-off from Volvo Group, created in the Venture Builder program in 2022, working on an automatic workflow for handling tire-related activities. Fyrqom did multiple proof of value projects within the Accelerator in the last year and is now located in our Incubator and arey are currently working on pilot projects in multiple Volvo factories.
So, with the experience over the last years there is a clear need to meet the startups and their needs depending on where they are in their journey, hopefully towards success.
Read more about CampX and the Innovation model in the article series found at CampX webpage.
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