SAP to encourage entrepreneurship among employees through Venture Studio

German conglomerate SAP will further encourage entrepreneurship among its employees, through its Venture Studio initiative, and look at funding 12-24 startups from across the world from its $35-million SAP.iO fund, said Maxwell Wessel, general manager of SAP.iO, the early-stage investment arm of SAP.
The software company had launched the $35-million fund last year and made its first investment in India in Ratan Tata-backed The SAP.iO fund usually makes direct equity investments in the $1,00,000-2,50,000 range.
"The Venture Studio identifies entrepreneurial talent within SAP and effectively creates new businesses, taking majority ownership positions. We write around $7,50,000 and $2.5 million initially," said Wessel.
"We launched two (companies within SAP) in August 2015 and last year we made four additional investments. We wound down one of these businesses. We have plans to make four to eight investments annually," he said.
One of these companies is Brilliant Hire, which has come out of SAP's Bengaluru office. It reduces first round of interviewing efforts by auto evaluating candidates and ranking them on the basis of evaluation by experts.
"They are a team of young engineers. One of them had built an engineering team recently. Most of the potential candidates... when asked technical questions, they were not well suited. So, Brilliant Hire was built," said Wessel.