Open Innovation models are evolving, we often say.
Describing the Zurich Innovation Championship, Joel Agard, Group Head of Innovation, Zurich Insurance Group, says that it is not an accelerator but it is more than a venture client.
Through its 40 group's companies Zurich Insurance Group scouts over 3000 startups per year. About 150 are invited to the local “Super Days” organised by in the different markets. Of them about 50 are admitted to the Global Round in front of the Excom. 15 enter the 4 -month program that has the goal of validating the solution through 3 sprints: “Desirability”, “Feasibility” (technical, regulatory, ethical, legal/compliance, brand consistency) and “Viability” (that means producing a joint biz plan).
No equity is involved. The outcome of the program - that is more a POC deployment rather than an Accelerator - is to start a partnership or licensing agreement that might eventually lead - down the way - to an investment or acquisition.
Which KPIs? “Our goal is to have green or red flags. We are not interested in having many pilots (“we are not Lufthansa”) but producing results. Therefore we try to reduce the amber lights that at the end turn into zombie projects that waste resources (both for us and for the startups).”