KUALA LUMPUR, Oct 29 (Bernama) -- Mitsui Chemicals Inc and Chitose Group -- a group of biotechnology startups -- jointly launched the "0 to 1 Project" as a novel open innovation initiative to foster business and talents based on unique technology seeds.
To commercialise Mitsui Chemicals’ plant cell culture technology and Chitose Group’s microbiota-activated cultivation technology, Chitose Group has established PHYTO Renaissance Inc and Tierraponica Inc respectively.
Chitose Group, head office in Singapore also accepts Mitsui Chemicals -- a global chemical company head office in Tokyo – employees as a representative of each company and aims to put the businesses of both companies on growth track, a statement said.
The new businesses must go through a series of phases, starting-up from 0 to 1, 1 to 10 and 10 to 10,000 with each phase requiring entirely different funding levels, human resources and organisational structures.
Chitose Group is experiences in developing skills and know-hows for launching new businesses (= from phase 0 to 1) based on biotechnology in a wide range of fields such as agriculture, energy, medicine and food.
Mitsui Chemicals has sent two employees as a representative of each new company in order to obtain and accumulate skills and know-hows for the 0 to 1 phase by implementing “hypothesis - execution process” quickly and frequently while maintaining a sense of speed.
The project was launched last April and is set to run for a three-year period and concluding in March 2021, the statement said.
-- BERNAMA
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