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10.30.17

Sherpa Foundry and Silicon Valley Bank create Silicon Foundry, corporate innovation platform

Sherpa Foundry and Silicon Valley Bank (SVB) have joined forces to launch Silicon Foundry, a membership-based corporate innovation platform, writes Banking Technology (Paybefore‘s sister publication).

“Through a flow of targeted insights, deal sourcing, senior-level personal introductions and private events, Silicon Foundry connects select corporations with start-ups and emerging technologies to open business opportunities, ranging from strategic customer relationships and partnerships to investments, spin outs and acquisitions,” the two parties say.

Silicon Foundry’s current member base includes a selection of corporations from across the globe, including British Petroleum (BP), Deutsche Telekom, Majid Al Futtaim, NBC Universal, Royal Bank of Scotland and more.

Silicon Foundry won’t replace its members’ existing innovation activities but instead will complement them, the organisers say. Many of its existing members have established accelerator or incubator programmes, innovation and research labs, corporate business development or venture investment arms. “Silicon Foundry delves into these initiatives to help build awareness, drive efficiencies and support success.”

“There is simply too much happening across the global technology landscape for any single person or team to keep up with,” says Silicon Foundry CEO, Neal Hansch. “Every company or organisation can benefit from having a partner with deep industry relationships and unique access that is proactively representing and promoting their interests in the field every day.”

This month, Silicon Foundry opened its 12,500 square foot headquarters in downtown San Francisco adjacent to SVB. It serves as a home for its members and a centre for senior executives to integrate and collaborate with entrepreneurs.

According to Silicon Foundry, it uses “intensive methodology”, which parallels the processes that venture capital fund managers use to source and evaluate deals – it systematically filters only those leads that it believes will have a real impact for its members.

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