2 Strategy The action: a strategic plan based on six priorities www.saint-gobain.com SAINT-GOBAIN UNIVERSAL REGISTRATION DOCUMENT 2021 58 Selecting meaningful projects In order to select the most relevant projects aligned with the Group’s strategy, in a win-win approach, NOVA balances activities across a 3-dimensional matrix based on transversal target areas - aligned with Saint-Gobain’s ‘Grow and Impact” strategic plan and its long term growth objectives -, the engagement of internal business unit teams, and geographic coverage. In terms of target areas, NOVA works across the board on major topics of interest to the entire Group such as construction productivity, advanced materials and high performance solutions, intermediation and customer experience, building performance, digital connectivity, the electrification of transportation, industrial energy transition, the circular economy, cleantech, with both sustainability and digitalisation at the core of the approach. It also provides targeted support to Saint-Gobain teams working on industrial markets such as mobility - in particular on autonomous vehicles - and life sciences. Examples include: AMT (United Kingdom), a start-up implementing ■ post-processing of 3D printed polymer components; Fibrecoat (Germany), developing new fiber-based ■ products for the aerospace industry; InDeco (China), deploying an efficient office renovation ■ service thanks to digital design; Hyperframe, proposing a metal framing system for the ■ construction of commercial buildings; Juundo (Belgium), developing reusable steel framewall ■ systems; LivSpace (India), specialising in the optimisation of ■ office spaces; Tri’n’Collect (France), offering recycling services for ■ construction waste that complement NOVA’s previous investment in EcoDrop. Sourcing deals via multiple contact points Initiating relationships with startups takes place in many different ways: via VC investors, incubators, accelerators, but also through NOVA’s involvement in key events (ranging from Climatetech Summit in the United States to the Africarena startup challenge in South Africa and the CSRtech Summit in China). Internal stakeholders also play a more and more significant role, showcasing a shift in Saint-Gobain’s corporate culture: more often than not, the NOVA team is nowadays introduced to start-ups by local business teams, as was the case in India with LivSpace. Deploying various collaboration patterns investment value of NOVA in start-ups to date amounts to around USD 100 million (at fair market value price). NOVA focuses on seed, pre-seed, and early stage investment: Hyperframe, a start-up which has developed a metal framing system for commercial buildings construction, only was a 2-person company when the relationship with Saint-Gobain was incepted via an acceleration programme with Greentown Labs, a Massachussets-based climatetech community and incubator that brings together startups, corporates, investors, politicians, and others. NOVA works with Saint-Gobain teams to set up strategic co-development partnerships, distribution or marketing agreements, or licensing agreements with start-ups. Since the end of 2016, NOVA has extended its field of expertise by acquiring equity stakes in start-ups. The latter can take several forms: initial investment; follow-up investment in a company in which NOVA already has a position; and investing via a fund rather than directly. The total Scaling up: a growing momentum The progressive ramp-up of NOVA’s operations has allowed to build an impressive funnel which led to 1,500 projects being screened in 2021, more than 600 reaching the stage of “active deals”, and around 50 projects (including new direct investments, follow-on investments, new fund investments, and joint development/ commercial agreements) closed during the year, after due diligence and final negotiation. Investing via dedicated funds NOVA is also a limited partner in investment funds targeted for the Group’s business lines and geographical regions: Navitas Capital for construction and Phoenix Venture Partners (PVP) for material sciences, both in the United States, and Environmental Technologies Fund (ETF) in Europe, focusing on sustainable development. NOVA also has invested in a new venture fund in China, Richland Capital, with a focus on high performance solutions. Partnering with incubators To support its approach, Saint-Gobain has partnered with several incubators through NOVA. These include: Greentown Labs in the United States, specialising in ■ green technologies, which opened a second site in Texas in 2021; Impulse Labs in France, which specialises in ■ construction businesses; Cubo in Brazil, a specialist in digitisation; ■ RWTH Aachen University in Germany, a prestigious ■ engineering school that integrates an excellent start-up incubator called RWTH Innovation; Tus-Holdings in China, a company that develops, builds, ■ and manages TusPark, the largest university science park in the world; Also in China, the Impact Hub Innovation Center in ■ Shanghai. Investing in innovation: a token of Saint-Gobain’s trust in a more open world Whatever the form of collaboration with startups, Saint-Gobain’s philosophy is based on three values: an approach that benefits all stakeholders; a passion for learning and researching new ideas; and an open and flexible approach to relationships. NOVA also acts as a portal to the outside world, helping to connect internal teams with new ways of working and with innovation produced outside the Group.
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