Amcor Launches $3M Innovation Fund, Offers Startups Up to $500K for Tech Solutions | AMCR Stock News – StockTitan

ZURICH, Nov. 12, 2024 /PRNewswire/ — Amcor (NYSE: AMCR) (ASX:AMC), a global leader in developing and producing responsible packaging solutions, has launched two new editions of its open-call initiative, Amcor Lift-Off, to deepen its focus on research and development (R&D) opportunities and key emerging technologies: Amcor Lift-Off Sprints; and, Amcor Lift-Off Connect. These new initiatives will build upon the program’s success with innovative start-ups like Greyparrot‘s artificial intelligence (AI)-powered waste recognition system, circolution‘s reusable packaging, Nfinite Nanotechnology‘s sustainable coatings and Bloom Biorenewables‘ bio-based polyethylene terephthalate (PET).  

Amcor Lift-Off Sprints is designed to foster technical collaborations with start-ups whose solutions address specific R&D challenges. Successful start-ups will enter a joint development agreement with Amcor’s R&D team and receive funding of up to $500,000. The first session of Amcor Lift-Off Sprints is scheduled for early 2025, with more details to be announced early next year. Amcor plans to hold two sessions of Amcor Lift-Off Sprints annually.

Amcor Lift-Off Connect aims to form strategic partnerships and pilots with start-ups that address challenges beyond R&D. While similar in approach to the “Sprints” edition, its goal is to nurture collaborations that could lead to further investments. The first session on Dec. 4 will focus on AI in manufacturing and R&D. Future sessions of Amcor Lift-Off Connect will be announced next year, with the aim of conducting two sessions per year.

Through these programs, Amcor seeks to continually advance open innovation and collaboration with early-stage start-ups, expanding joint development partnerships in new areas like AI. Amcor is committed to investing up to $3 million annually in these partnership activities, including direct investments and in-kind R&D support. Additionally, this will encourage collaboration between Amcor, its  customers and the winning start-ups, exploring opportunities for three-way collaboration agreements.

Frank Lehmann, vice president of Corporate Venturing and Open Innovation at Amcor, said, “We are excited to expand our already successful Amcor Lift-Off initiative, and further energize the packaging industry by elevating these cutting-edge technologies.” He added, “This is an important opportunity to work alongside our customers to provide them with the most innovative solutions available to tackle today’s packaging challenges.”

Applications for next year’s  Amcor Lift-Off Sprints and Connect sessions can be submitted in December. Learn more about Amcor’s Lift-Off program and corporate venturing.

About Amcor
Amcor is a global leader in developing and producing responsible packaging solutions across a variety of materials for food, beverage, pharmaceutical, medical, home and personal-care, and other products. Amcor works with leading companies around the world to protect products, differentiate brands, and improve supply chains. The Company offers a range of innovative, differentiating flexible and rigid packaging, specialty cartons, closures and services. The company is focused on making packaging that is increasingly recyclable, reusable, lighter weight and made using an increasing amount of recycled content. In fiscal year 2024, 41,000 Amcor people generated $13.6 billion in annual sales from operations that span 212 locations in 40 countries. NYSE: AMCR; ASX: AMC
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