Siemens to pump 1 billion into its new innovation unit 'next47'

German engineering powerhouse Siemens today announced that it has set up an innovation unit named'next47' (as the company was founded back in 1847) to "foster disruptive ideas more vigorously and to accelerate the development of new technologies", more specifically in the fields of artificial intelligence, blockchain, autonomous machines and what it calls'decentralized electrification'. Effective October 1, 2016, the unit intends to pool all of Siemens' existing startup activities, fuelled by 1 billion in funding for the first five years. Siemens CTO Siegfried Russwurm will head the new unit on an acting basis. "Siemens itself was a startup in 1847 – founded in a rear courtyard in Berlin," said Joe Kaeser, president and CEO of Siemens. "With next47, we're living up to our company founder's ideals and creating an important basis for fostering innovation as we continue Siemens' development." Next47 will have offices in Berkeley, Shanghai and Munich and cover all regions of the world from those locations.