Evolve – the intrapreneurship program of BASF

The Chemovator Journey describes the timeline and process steps of Chemovator from ideation to exit from the program. It is split into three different phases, from validation over incubation to acceleration. In the Validation Phase you develop your initial hypothesis around the business case and collect early market feedback, which will be substantiated in the Incubation Phase. Teams continue to validate hypothesis around their business case, develop an MVP, build a team and generate first traction. In the Acceleration Phase the teams continue to build their business case, acquire first paying customers and prepare everything for spin-off. Different milestones along the journey mark the entry into the next phase.

At the End-of-Validation Pitch, the jury is responsible for making venture stop / continuation decisions, which will be based on a majority vote. Critical milestones afterwards include the Investor Readiness Meeting and the Exit Readiness Meeting.
In general, the Chemovator Venture Board (CVB) discusses consequences of negative venture development and proposes measures to the Head of Chemovator, who appoints a decision body.
Of course, the team itself can also decide to stop the venture at any time. No other stakeholder receives voting rights in the venture entry, stop or continue decisions.

Founders who are capable and willing to continue pursuing their idea outside BASF as a Chemovator spin-off will get a significant ownership of their company. Spin-offs will be set up such that they can operate independently from BASF, which however will also be a significant shareholder in the spin-off.

Once you are taking on the Chemovator Jouney, it is the only process you have to follow.
However, “protected space” does not mean “place without rules”: We have established an operating framework for all our Venture Teams. For instance, each Venture Team has a Chemovator Venture Board, which provides strategic guidance and each member of the Venture Teams has to join the Entrepreneurship Program to learn relevant skills to turn a business into reality. You will learn more about it all in your Onboarding Week.
Moreover, we comply to our Code of Conduct here at Chemovator. Why? We believe that it is important to have a common base when working together.

After you finish the Chemovator Journey – a successful business incubation – different options exist:
Spin-off: This is the default case for our Venture Teams. It is decided that a venture can develop better outside of BASF. In this case a separate legal entity would be formed in which the business can grow.
Spin-in (only possible in prior alignment with intaking unit!): The venture may be pursued further within BASF. For example, a venture which was supported and financed in Chemovator by a specific business unit might be taken back to be further developed and grow.

If it becomes clear over time that a business idea is not feasible, the Venture Team is disbanded and its members will return to their original units within BASF. Chemovator is all about testing high-risk early business ideas. It is natural that many ideas either lead to unexpected outcomes, pivots or were found not to be suitable for further investment. We see the termination of a project as a success, because in every case important learnings have been gathered during the Chemovator Journey. Further, precious time and resources can be diverted to new ideas or other more promising projects. And remember: 9 out of 10 startups fail.
With regards to HR, a terminated venture idea means that the delegation will be stopped, too. Your home unit will find a suitable job for you and Chemovator supports this process as well.