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Castrol launches search for technology stars of the future

May 09, 2012

Castrol is on the hunt for innovative new ideas with its 20/20 Challenge

Castrol is inviting companies, start-ups and innovators to enter its inaugural ‘20/20 Challenge’. Castrol is looking for companies and entrepreneurs with bold new ideas to uncover the latest in disruptive technologies or business models.

Five companies will be shortlisted to attend mentoring events in London, with a further five in Shanghai. At the events, attendees will develop their ideas and receive training from Castrol’s panel of experts in product development, global distribution, R&D and marketing. The Castrol 20/20 Challenge panel will then choose the overall winner, who will receive $10,000 towards developing their idea.

They won’t be alone in bringing their proposal to life, as the winning company or entrepreneur will also be given the opportunity to explore the possibilities afforded by a longer-term relationship with Castrol and the muscle of the wider BP network. This partnership will mark the first step in Castrol’s commitment towards investing a significant amount in pioneering technology over the next five years, as it uses the strength of its brand to forge new relationships and uncover the technologies of the future. 

Said Mike Johnson, CEO of Castrol: "The Castrol 20/20 Challenge is an exciting event for us and one which forms an important part of our overall e Open Innovation and Corporate Venturing agenda.  At Castrol we are historic leaders in technology and we aim to hold that position well into the future by looking well beyond our current product portfolio.  We are ready to invest in genuinely innovative and differentiated technologies and are looking forward to partnering with some great new businesses."

The Castrol 20/20 Challenge is being spearheaded by Castrol’s innoVentures unit, which is committed to building strong, lasting relationships with entrepreneurial organisations with great ideas. It represents a move by Castrol beyond its core focus on lubricants, using its global network to help companies and entrepreneurs bring new technologies and innovations to life.

Innovators, companies and start-ups from all over the globe are invited to submit their proposals at www.castrol2020challenge.com, with a deadline set for June 3 for The Shanghai event.

The Castrol 20/20 Challenge is grouped around four focus areas –

    • Smart Mobility
    • Intelligent Operations
    • Next Generation Engineering
    • Responsible Castrol

The London event will be held on 28/29th May, with the Shanghai event happening on 10/11th July.

Minfon Group is a global business advisory firm selected by Castrol as the local Partner for our Shanghai event. For more information about the competition, please contact Ryan Cox at ryan.cox@minfon.com / +86-130-4168-0472

 
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