Platform for startups founded to serve the digital needs of manufacturing

Hexagon’s Manufacturing Intelligence division has launched Sixth Sense, an open innovation platform for startup companies serving the digital needs of the manufacturing industry.

The company is using this platform to identify, nurture, and collaborate with groundbreaking startups in the scaling phase and help move them to the next level of growth. The selection process is driven by the most pressing technology needs of Hexagon’s industrial customer base.

What is a Scaling Startup?

A scaleup is a company that has reached a distinct stage of growth and funding, usually the Series A stage or similar level. According to Hexagon, the scaling period is the most important phase of growth, because it can be fraught with many hurdles. A common fallacy about scaleups is they don’t require support because of their notable success. Often, however, these enterprises and their leaders do require assistance as they face a period of transformative change.

The mission of the program is to advance smart manufacturing to address critical roadblocks standing in the way of a global digital revolution and Sixth Sense moves beyond traditional incubators or mentor-based accelerator platforms. The company has identified the pivotal business phase where startups struggle to grow.

Scaleups typically have passed the technology test, so the next step is to adapt and scale their businesses. By focusing on real customer needs, Hexagon applies its global expertise and customer reach to help scaleups in a consequential way. With emphasis on diversity and inclusion, this program seeks to foster a new wave of participating startups as inspired innovation comes from diverse teams. It provides an innovation ecosystem exposing scaling startups to valuable technology infrastructure, industry experts, a worldwide reach, funding, and business connections necessary for success.

How Does It Work?

At different intervals during the year, Hexagon invites scaleups to submit proposals focused on pioneering ideas backed by ambition to succeed. Then it will have two or more open innovation challenges yearly. The first focus is on Big Data and artificial intelligence (AI) needed to improve manufacturing processes from design to quality.

The broader challenge is for companies building products in the following areas: machine learning, sensors, sustainability, and robotics.

Both challenge levels are driven by the demands and priorities of the company's customers and the industry trends dominating manufacturing such as sustainability and automation integration.

A panel of industry experts reviews and chooses the most inventive proposals from up to five scaleups. Selected companies then collaborate with Hexagon in an intensive, innovate-on-the-job scaling program designed to deliver a concrete project. Each endeavour is supported by expert coaching and industrial-use case references through Hexagon’s customers. Other resources are offered for true globalization into many markets including more funding, worldwide office space, access to the company's suite of technology and services, as well as incorporation into its business universe and exposure to its expansive customer base.

The selection criteria is:

1. Steady revenue.
2. 1-5 years in existence.
3. Post seed, Series A, Series A+.
4. Proven traction and product-market fit.
5. Propensity to scale.

Other preferred scaleup qualities are IPs and licenses, and a validation of investment from a third party.

The deadline for applications is March 1, 2022. A selection event will be held on March 16, where up to 15 companies will present their proposals. The evaluation process includes proof of value, proof of technology and proof of fit. The company will host a live event on May 25, 2022 to announce the winner and up to three companies for a fully funded outcome.