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Honda Begins Company-wide Expansion of its New Business Creation Program,”IGNITION,” to Help Realize Ideas and Dreams of Honda Associates

TOKYO, Jun 11, 2021 – (JCN Newswire) – Honda Motor Co., Ltd. has begun expanding its new business creation program, IGNITION, to the entire company. IGNITION is a program that gives shape to the original technologies, ideas and designs of Honda associates and contributes to solving social issues and creating new value for people. The…

TOKYO, Jun 11, 2021 – (JCN Newswire) – Honda Motor Co., Ltd. has started expanding its brand new business creation program, IGNITION, to the entire company. IGNITION is a program that gives shape to the original technology, ideas and designs of Honda partners and leads to solving societal issues and producing new value for individuals. The IGNITION program was initiated in 2017 from Honda R&D Co., Ltd., a Honda research and development subsidiary. Since it began, IGNITION has obtained many programs with new business ideas, and several proposals which have a high degree of compatibility with Honda business happen to be chased at Honda having an eye toward commercialization. Meanwhile, there also were suggestions that may deliver value to society quickly if they had been chased through a startup company enterprise, taking advantage of their unique qualities of startup companies; therefore, in 2020, IGNITION added an option to try for commercialization of new business ideas through business ventures, in addition to commercialization within Honda. Ashirase Inc., whose association has been announced today, is your very first small business venture to emerge from IGNITION. Moreover, in April 2021, Honda began evolving IGNITION as company-wide program which empowers all Honda associates in Japan to take on the challenge of creating new companies. By recognizing the ideas and dreams of not just engineers, but also associates from several branches including manufacturing, sales and administration branches, Honda will create products and experiences that don’t yet exist within the world, creating a”fresh breeze” in society. IGNITION is collaborating with a venture capital company which participates in the last round of this evaluation as one of the jurors analyzing each proposition from the exacting perspective of an investor. In addition, the proposers have access to support and advice in the venture capital company throughout the evaluation procedure. About IGNITION:All full-time Honda associates in Japan are eligible to submit suggestions regardless of their length of employment and assigned branches. Ideas that pass the last evaluation process is going to be commercialized within Honda or simply by establishing a business startup company.In principle, the conclusion on commercialization will be earned within a 6-month interval, through which a taskforce group consists of internal experts to be formed to support each proposer. The venture capital firm will provide advice and support to every proposer throughout the evaluation process. In order to guarantee liberty of the startup, the ratio of capital participation by Honda is going to be limited to no greater than 20percent .Comment by Yasuhide Mizuno, IGNITION Chief Juror / Managing Officer of Honda Motor Co., Ltd.:”At Honda, there are many associates who have a passionate desire to help people and contribute to society using their original technologies and ideas. IGNITION is a program which fosters and gives shapes to such technologies and ideas of Honda associates and enables them to create new value that contribute to solving social issues. We are now expanding the program to include all associates in Japan, offering an option to take on a new challenge to start up their own business ventures. There are an extremely high hurdles set to start business ventures, however, we are hoping that IGNITION will trigger the further energizing of Honda’s challenging spirit and enable us to generate a fresh breeze by going beyond our existing business to create new products and experiences that do not yet exist in the world.” Copyright 2021 JCN Newswire. All rights reserved. www.jcnnewswire.com
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