A think tank for more innovation: The voestalpine new business incubator

The focus of the new business incubator (nbi) is on the systematic identification, development, and implementation of new products, services, and business models within clearly defined areas of focus for the voestalpine Steel Division—such as sustainable urban development. In doing so, the focus deliberately extends beyond the existing core business to adjacent business areas.

These so-called adjacent businesses operate close to the core but often follow their own market logic and development dynamics. Within the operational rhythm of the core business, such innovation fields risk not receiving sufficient space to realize their full potential. This is precisely where the nbi comes in: It creates a focused framework in which new ideas are specifically driven forward, validated, and brought to market readiness.

It is no coincidence that the nbi is located close to the Executive Board within the Strategy Department. Short decision-making paths are essential for high innovation velocity—especially when new business is deliberately developed outside the core business.

The voestalpine Steel Division recognized early on that many of the best ideas come from within its own ranks. Intrapreneurship is therefore a central pillar of the nbi. However, to strengthen the idea funnel both quantitatively and qualitatively, the nbi also relies on a structured open innovation approach.

This targeted outreach to the outside world enables input from customers, startups, research institutions, and other experts and partners from a curated network. Regardless of whether ideas originate internally or externally, the nbi seeks committed intrapreneurs who take responsibility and actively drive projects forward.

Twice a year, the Executive Board and external experts meet on the Steel Division’s Advisory Board. In ten-minute pitches, the teams present their concepts, which are evaluated based on clearly defined criteria. Following this, a decision is made as to which ideas will be incorporated into the nbi, further developed in a targeted manner, or discontinued.

Once an idea has made it into the nbi, the project teams evolve into internal startups. In an initial exploration phase, the business idea is systematically reviewed and refined within a maximum of six months. This is followed by the incubation phase, during which the projects—decoupled from day-to-day operations—are systematically developed over several months.

In this protected “sandbox,” concepts are tested, iterated, and validated early on with direct market feedback through open innovation. Throughout all phases, the teams have access to relevant expertise and sparring partners. In the acceleration phase, selected projects finally receive the finishing touches to transform a market-ready product into a scalable series business and prepare for operational market entry.

The nbi supports business ideas throughout their entire development journey—from exploration through incubation to acceleration. In the acceleration phase, the strategic future of a venture is decided: depending on its maturity and fit, it either becomes a spin-off as an independent company or a spin-in into the voestalpine Steel Division. In both cases, the nbi supports the transition in a structured and consistent manner—thus assuming the role of the Steel Division’s internal company builder.

Since its launch in April 2020, nbi has grown steadily. A modern work environment with diverse work zones and shared desks fosters openness, collaboration, and the ability to execute. Today, around 25 people work together at nbi—from the core team and mentors to colleagues with expertise in sales, finance, marketing, company building, business modeling, engineering, as well as traditional and agile project management. This interdisciplinary environment creates the conditions for systematically building new ventures and actively shaping the future of the voestalpine Steel Division.

The nbi continues to evolve consistently—with the goal of establishing new business as a relevant value driver within the voestalpine Steel Division. The focus is on selected strategic areas with high future potential, such as sustainable urban development. Here, several successful business models are to be established, while in parallel, clearly differentiated, future-proof ventures are to emerge in other areas.

To implement this, the nbi primarily utilizes three distinct innovation streams. At the center is corporate company building, which is being further professionalized as a key lever—with a clear target architecture, rigorous portfolio logic, and a stronger focus on measurable value contribution. Complementarily, open innovation strengthens the idea funnel through additional external input, while strategic M&A can be used as a further scaling lever to specifically increase development speed and market presence in concrete venture activities. Other innovation formats are deployed selectively and deliberately.

Numerous developments in recent years demonstrate that the nbi concept functions as an effective link between product idea and market. Ideas are purposefully advanced, rigorously evaluated, and—when strategically appropriate—deliberately discontinued.

For example, tailormade functional steel was discontinued after initial successful sales and valuable insights. The fragmented market structure and long development cycles made scaling difficult. However, the lessons learned were not lost but now form the basis for new exploratory and promising topics—particularly for applications in the automotive industry.

The Foundry Group supported nbi in the 3D Sand Printing & Fastlane projects, as well as in the Covercast project. Here, the introduction of new production technologies was supported, and business models tailored to these technologies were developed.

By establishing a 3D printing competence center, the Steel Division is consolidating expertise, infrastructure, and application development in the field of additive manufacturing.

Venture activities in the field of sustainable urban development are also progressing very positively, particularly modular facade systems and SolarSteel. Toptyte—an innovative technology for manufacturing media-tight electrical steel laminations for rotors and stators—is also making significant progress. In doing so, toptyte is making a significant contribution to the future of e-mobility and enabling lighter, more powerful, more sustainable, and economically attractive electric motors.

Another important milestone is the founding of WellDun GmbH on April 1, 2026. In addition to internal optimization potential, this innovative transport packaging system made of sustainable corrugated cardboard also features a compelling business model with significant external market potential.

All these examples demonstrate that nbi develops ventures with a clear strategic focus, entrepreneurial consistency, and the commitment to create sustainable value for the voestalpine Steel Division—step by step, idea by idea.