NXP supports startups with XTC

This article was published originally on NXP’s internal magazine. It is reposted here with permission.

When it comes to innovation there is a tricky balancing act. Established companies have the resources but can be constrained by scope and shareholder interests. Whereas startups often struggle for resources to realize their bold and (over) ambitious plans to change the world. Bringing both established companies and startups together, along with multi-stage capital funding, lies at the heart of the Extreme Tech Challenge (XTC), which aims to develop responsible innovations for a radically better world.

‘Supported by leading corporations, venture capitalists (VCs), foundations, policymakers, universities and tech conferences, XTC is the world’s biggest start-up competition. There are ten categories inspired by the United Nations’ 17 Sustainable Development Goals (SDGs), such as Cleantech energy & environment, Digital health, Mobility and Sustainable Smart Cities.

A new year – a new challenge

XTC 2022 is already well under way – the deadline for open applications to the regional competitions is rapidly approaching. For the Netherlands and Belgium, that deadline is 14 February before Regional Finals at Eindhoven’s High Tech Campus on 24 March. A €5k encouragement award is available for a fledgling start-up while the regional winner receives €20k and goes onto the global finals in June. In addition, at the 2022 global finals, competitors will be considered for two special awards – the People’s Choice and Female Founders award.

The Lürling test

The regional Netherlands and Belgium XTC competition is organized by LUMO Labs – an impact-driven multi-stage (pre-seed through series A) capital fund and accelerator focused on AI/Data, Blockchain, Robotics/Drones, IoT, and VR/AR. According to LUMO Labs Founding Partner Andy Lürling, “Emerging soft-technologies hold the key to solving the social challenges we face today. But we need to consider both the human and environmental levels in system engineering, and cannot simply port current 2D applications into a 3D world. While many startups will never make it, like the early world explorers, those that do succeed will open up new routes within the urbanized, digitalized and connected world.”  

Ecosystem intelligence

For NXP, partnering with innovative startups and helping them accelerate and become the next unicorn has numerous benefits. CTO Lars Reger says, “Ecosystem intelligence – as we call it – has boosted NXP big time over the last 10 years. We have over 26,000 customers and they are far better than we are in applying chip technology to new innovations. So, naturally we are open and eager to expand our ecosystem with startups who we hope can successfully apply our technology. In fact, as CTO I want to enable a playground for startups, and I hope the Extreme Tech Challenge will contribute to that.”