Resources
So you are ready to take off?
Do you believe Chemovator is the right place for you to turn your idea into a real business opportunity? Then apply for the Entry Pitch @ Chemovator and join us as a Venture Team.
Do you know how Chemovator works?
Chemovator is the home for teams with the desire to turn new radical ideas into reality. These ideas need protection and Chemovator goes above and beyond to protect these ideas.
However: “protected space” does not mean “place without rules”. BASF gives us a lot of trust and freedom. And while we do a lot of things differently than BASF, we established a proofen framework on how we work together and turn radical ideas into reality.
Apply now and become a Venture Team
Application form
In the first step you have to fill out our application form. Here we ask you some questions about your venture idea, your team and your motivation. In case you already want to receive feedback on your pitch deck, please upload a draft (.pdf) as well.
Review of your application
We will check your application and invite you to a first meeting to get to know each other in case we haven't met, yet.
First meeting
In our first meeting we will discuss your venture idea, provide feedback on your pitch deck draft and check if Chemovator can offer what you and your venture need for a successful development.
Upload pitch deck
We will once again review your idea and application and decide if you are invited to participate in the Entry Pitch. If this is the case, we will ask you to upload your final pitch deck on our application platform latest one week before the pitch.
Entry Pitch
In the Entry Pitch you will present your idea on the Chemovator stage. After your pitch we will make the final decision whether your team will start its Chemovator Journey or not.
Welcome
You made it! Now your Chemovator Journey begins.
FAQ
What is the Chemovator Journey?
The Chemovator Journey describes the process steps of Chemovator from ideation to exit.
The main phases are: Validation Phase to develop business hypothesis to be tested in the Incubation Phase. The goal of the Incubation Phase is to test all relevant business hypothesis to create a scalable business model & exit (spin-in or spin-off).
What is the difference between Validation and Incubation Phase?
In the Validation Phase, the Venture Teams’ assignment is to develop business hypothesis to be tested in the Incubation Phase. During the Validation Phase, the Venture Team members are formally belonging to their home unit. The goal of the Incubation Phase is to test all relevant business hypothesis to create a scalable business plan. Of course, not all teams have the same level of maturity. If possible, Chemovator reviews and adapts to individual requirements.
During the Incubation Phase, the Venture Team members are delegated to Chemovator, that means they are also formally part of Chemovator. But the charm of a delegation is that in case of failure every employee has the possibility to go back to his or her home unit.
What are the roles in Chemovator?
Venture Team members (VT):
BASF - employees who formed a team and successfully pitched their business idea at the Entry Pitch.
Chemovator Core Team (CCT):
Chemovator employees responsible for strategic direction and operations of Chemovator.
Entrepreneurs in Residence (EiR):
Experienced entrepreneurs supporting the teams through coaching and mentoring. Each team receives a dedicated Lead EiR who is specifically supporting the team. The Lead EiR is also part of the CVB.
Chemovator Venture Board (CVB):
The CVB is the venture steering tool of Chemovator and provides strategic guidance for the Venture Teams. Each Venture Team has an individual CVB consisting of EiR, members of the CCT and, if applicable, external industry experts and observers. The CVB proposes stop/continue decisions of the Venture Team to the Head of Chemovator.
Chemovator jury:
The Chemovator jury decides if a Venture Team is accepted at the Entry Pitch. The same jury also judges the team after three months at the End-of-validation Pitch. The Chemovator jury consists of two CCT members and at least three EiR.
Are there any processes that you need to follow at Chemovator?
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 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.
Who decides on when to stop / continue ventures?
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 Head of Chemovator (HoC). HoC appoints decision body and communicates decision.
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.
What happens after the Chemovator Journey?
After you finish the Chemovator Journey – a successful business incubation – different options exist:
Spin-in (only possible in prior alignment with 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.
Spin-off: It can be decided that a venture is better being pursued outside BASF. In this case a separate legal entity would be formed in which the business can grow.
Who owns the business in case of a spin-off?
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.
What happens if your Venture Team gets stopped?
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.