Mitsubishi Electric is actively engaged in creating new value based on open innovation in the North American market. MELIC (Mitsubishi Electric Innovation Center), the company's North American base, is accelerating the creation of new businesses directly linked to solving social issues such as decarbonization, next-generation vehicles, and clean technology through collaboration with startups and venture capitalists (VCs).

North America has a dynamic ecosystem where startups, investors, universities, and governments work together, creating a fertile ground for new technologies and business models to emerge. MELIC aims to leverage this advanced environment to become the driving force behind open innovation within the Mitsubishi Electric Group. Drawing from interviews with key figures at MELIC, this article explores the breadth of Mitsubishi Electric's open innovation initiatives in North America and their vision for the future.

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MELIC places importance on integrating the advanced technologies and ideas of startups into Mitsubishi Electric's platform to create more competitive solutions. For example, we are working on a project to enable more energy-efficient data center operations by combining a startup’s AI-powered optimization technology for IT cooling systems with Mitsubishi Electric’s hardware and monitoring/control software. Additionally, we are collaborating with startups in various fields such as next-generation vehicles and carbon-neutral technologies, aiming to create new businesses that leverage their respective strengths.

The strengths of the Mitsubishi Electric Group lie in its global business foundation, hardware development capabilities cultivated over many years, and deep industry knowledge. Startups have innovative technologies and ideas, but they often lack market knowledge, resources, and execution capabilities. Mitsubishi Electric supports the growth of startups by complementing these "missing pieces," thereby promoting the realization of more fundamental innovation.

MELIC also promotes innovation through various methods, including startup support through incubation/acceleration programs, collaboration with universities, and investment in early-stage startups. It has also established a system in which individuals and teams can take on actual technical challenges and receive evaluation and rewards based on their results. These efforts promote the democratization of innovation and create an environment in which more people can participate in solving social issues.

Mitsubishi Electric is also actively investing in leading venture capital firms with strengths in key strategic areas. This is not merely a financial investment, but a strategic initiative to realize innovation at unprecedented speed and scale by directly accessing networks of cutting-edge startups, investors, and entrepreneurs, and combining them with the company's manufacturing technology and expertise in the fields of digital, AI, and climate. The know-how and networks gained through secondments to local VCs are being reinvested into Mitsubishi Electric's open innovation activities.

Mitsubishi Electric aims to continue leveraging the power of open innovation to the fullest extent on the global stage, starting with North America, and to grow alongside society as a company.

Written by Our Stories Editing Team