ÖAMTC will use the venture studio to explore new business areas related to the demographic change of its members.
ÖAMTC, an Austrian roadside assistance and emergency helicopter service, has launched a venture studio to explore growth areas outside of its core business in mobility.
The studio, 120 Ventures, will help founders develop business models, pilot products and services, and help new companies find investors. It is not designed as an incubator and will not seek equity stakes in startups.
Philipp Maul, a former startup founder and past head of product at Valora Digital, the tech unit of Swiss convenience food vendor group Valora, will run the venture studio.
120 Ventures has a remit to focus on the aging population and the smart home.
Venture studios are becoming more popular with corporates as a way to do venture building and encourage innovation. More than half of the world’s 800-plus venture studios were launched in the past five years, according to Enhance Ventures.
“I am convinced that the ‘view from the outside’ guarantees fresh ideas and perspectives,” said ÖAMTC director Oliver Schmerold in a release.
ÖAMTC has 2.4 million members that use the group for roadside assistance, towing and emergency helicopter service.
“We are convinced that, in cooperation with external partners, we can develop tailor-made products and services that make many people’s everyday lives safer, more comfortable and more efficient,” said Schmerold.