Hungarian lighting company Tungsram has signed a cooperation agreement with leading European digital transformation organization EIT Digital, the company has told the Budapest Business Journal.
The move means Tungsram joins Europe’s elite innovation club with more than 200 members in nine countries, the company says. Managing an annual budget of more than EUR 100 million, EIT Digital aims to identify and support globally viable technical developments through cooperation with universities, research centers and companies.
The cooperation agreement was signed by president and CEO of Tungsram Group Jörg Bauer this January. This step marks the company joining a European innovation ecosystem of multinational companies, SMEs, universities and research institutions, Tungsram notes. EIT Digital is a knowledge and innovation community of the European Institute of Innovation and Technology (EIT) that has been working together with its partners for almost ten years to create successful products and services through technology development.
Tungsram joins companies such as Ericsson, Magyar Telekom, Nokia and OTP Bank at EIT Digitalʼs Hungarian hub. Local higher education partners are Eötvös Loránd University of Sciences (ELTE) and the Budapest University of Technology and Economics (BME). The R&D sector is represented by The Institute for Computer Science and Control of the Hungarian Academy of Sciences (MTA-SZTAKI).
"We are really delighted to welcome Tungsram, a company with one of the greatest innovation traditions in Hungary, into our ranks," comments EIT Digital Hungary Director László Gulyás. "This cooperation fits perfectly into our expansion strategy, which already saw the number of partners of EIT Digital Hungary jump from 11 to 17 in 2018. Our goal is to make the biggest possible number of local and regional players follow Tungsram’s path, so they can enjoy all the benefits of being a member of a unique European ecosystem," Gulyás adds .
EIT Digital Hungary funds development projects on the basis of two models. The first matches business needs with available knowledge capacity in its partner network, with funding provided only if the new product or service enters the market within the timespan of one year. The second method involves support of solutions initiated by independent organzsations that have minimum annual revenues of EUR 1 million and need EIT Digital’s engagement for further growth.
"Tungsram has returned to the market as an innovative Hungary-based, global brand and, just as before, we provide answers to the challenges of the fourth industrial revolution by capitalizing on talent and knowledge-based R&D," says Tungsram president and CEO Jörg Bauer."Our experts have been striving from the outset to come up with new solutions in their own area of expertise that ensure a stable position for Tungsram in the global elite."
The Tungsram boss adds: "Now we are ready to exploit opportunities in data science, artificial intelligence and mobile communications with the flexibility and enthusiasm of a startup. EIT Digital provides a forum for us that allows us to identify new partners and young talent, and we can implement new industrial solutions and best practices thanks to our joint projects. We will tackle these joint tasks head on because the basis of future market success is to incentivize innovation, education and talent.”