Calling All Entrepreneurs: Castrol 20/20 Challenge Hits Shanghai Mid-July
BP Castrol is hosting the 20/20 Challenge in London and Shanghai as a strategic move beyond their core focus on industrial and automotive lubricants. A series of two-day events, the event will involve five companies or entrepreneurs, which will be selected for product development, global distribution, R&D and marketing mentorship from Castrol’s experienced executives, serial entrepreneurs and investors. Participants also get to attend all-expenses paid trips to either of the two cities.
The overall winner will be provided a stipend of US$ 10,000 towards developing their idea, and all finalists will have the opportunity to develop their business in partnership with the London-based oil and gas company with its global network and resources.
After pioneering innovation for more than a century with R&D, strategic alliances with OEMs and over 1,000 distribution partners globally, Castrol is now looking to building strategic alliances in order to invest significant money in pioneering technologies over the next five years, as well as forging new relationships, discovering new innovations and developing technologies.
The organizers, Castrol’s innoVentures, are looking for companies, startups and innovators with disruptive new technologies or business models within 4 strategic focus areas:
- Smart Mobility
- Intelligent Operation
- Next Generation Engineering
- Responsible Castrol
In the earlier event in London, Castrol teamed up with European start-up accelerator Startupbootcamp to search for its next billion dollar business idea. For event in China, the opportunity is still open until June 3.
The Castro 20/20 Challenge is “an important part of their overall eOpen Innovation and Corporate Venturing agenda,” said Castrol CEO Mike Johnson. The company is interested in “genuinely innovative and differentiated technologies.”
The Shanghai event will be held July 10 to 11, and startups and entrepreneurs can still apply.