EIC Corporate Corner: Amcor on corporate venturing, open innovation and chemical recycling

The European Innovation Council hosts matchmaking events to connect deep tech startups and EIC beneficiaries with large corporates. One such initiative was an online Multicorporate Day on chemical recycling held in June 2023. Amcor, the global packaging company, co-hosted the session. Frank Lehmann, Amcor Vice President of Corporate Venturing and Open Innovation, spoke with the EIC about how the company approaches external innovation, what it looks for in partners, and the practical hurdles between lab pilot and industrial roll out.

Amcor's role and corporate venturing model

Amcor is a major packaging manufacturer with global scale and research capabilities. Lehmann’s remit sits at the intersection of strategic investment and open innovation. He manages Amcor’s corporate venture fund which makes direct equity investments in startups. Parallel to direct investments, the team pursues collaboration agreements with startups, universities or other technology providers to secure innovations relevant to Amcor’s core business.

Why work with the EIC and what the Multicorporate Day achieved

Lehmann praised the EIC for running the scouting and initial vetting of beneficiaries. For corporates with constrained internal resources the EIC’s role in identifying and evaluating early stage companies saves time. The EIC also provides a neutral, pan European platform that can surface startups that a corporate may not otherwise find.

The Multicorporate Day on chemical recycling

On 13 June the EIC organised an online Multicorporate Day focused on chemical recycling. Ten EIC beneficiaries pitched technologies addressing challenges in that field. Chemical recycling is an area of particular interest to packaging companies because it promises to turn mixed or hard to recycle plastics back into feedstock for new materials. Corporates like Amcor participate to identify solutions that could scale into their supply chains or reduce material risk.

Lehmann said Amcor found several interesting companies during the event and that the corporate made follow up calls. He estimated roughly five organisations warranted further investigation. That is typical for such scouting days where initial pitches lead to a smaller number of deeper technical and commercial discussions.

What Amcor looks for in partners and the nature of collaboration

When evaluating potential partners Lehmann emphasised the importance of team quality. In corporate venturing and industrial partnerships a mature, experienced founding team often matters more than a technology that is already fully proven. A strong team can navigate regulatory demands, adjust processes for industrial conditions and manage partnerships.

Lehmann described Amcor as a strategic investor rather than a passive financial backer. That means the corporate wants to contribute competence, industrial know how and collaboration skills in addition to capital. Typical partnership forms include pilot agreements, joint development, equity investments and commercial supply arrangements when technologies reach readiness.

Core challenge highlighted by Amcor: scaling pilots to industry

Both the EIC and Amcor see pilots and demonstration projects as necessary first steps. Lehmann was clear though that the single largest obstacle in the innovation chain is moving from a small pilot to a commercially viable industrial scale operation. That transition requires capital, process engineering, supply chain integration and alignment with regulatory standards and customer specifications.

In the EU context these scaling challenges interact with regulatory change. Policy drives demand for recycled content and sets waste management standards. That can create commercial opportunity but it also creates shifting compliance requirements for new processes. For startups this means technical readiness alone is not enough. They must also be prepared for compliance documentation, lifecycle analysis and integration into existing packaging value chains.

Advice from Amcor to startups looking to partner

Lehmann offered practical advice for entrepreneurs seeking to work with Amcor or similar large corporates. The central point was to be meticulous about the pitch. Startups should clearly state what they are offering, the technical readiness level, what resources they need from the corporate and how their solution would be integrated into a large organisation.

Implications for the EU innovation ecosystem

The interaction between EIC programmes and large corporates like Amcor shows how European innovation policy and industry can connect. The EIC provides a curated entry point to high potential projects while corporates bring scale, markets and domain knowledge. That combination is necessary to translate breakthrough technologies into products that reduce environmental impact in sectors such as packaging.

At the same time there are persistent frictions. Public funding can de-risk early development but cannot by itself solve the capital intensive challenge of industrial scale up. Corporates can help bridge that gap but they also require a strong business case and clear operational fit. For policymakers and innovation intermediaries this points to the need for targeted support mechanisms that help projects move from validated pilots to industrial deployment.

Key takeaways

Amcor values the EIC as a sourcing and vetting partner. Its corporate venturing activity is aimed at both investing and collaborating. The company looks first for team quality and collaboration readiness rather than fully mature technology. Chemical recycling remains promising but scaling and integration into existing packaging value chains are the core hurdles. Startups should come prepared with a precise pitch, realistic scale up roadmap and regulatory readiness to increase the chances of forming partnerships with large corporates.