OKI Signs Partnership Agreement with US-based Plug and Play

-Commencing global open innovation activities based in Silicon Valley-

TOKYO--(BUSINESS WIRE)--OKI (TOKYO: 6703) has signed an Ecosystem Plus (Note 1) partnership agreement with a major US startup accelerator, Plug and Play, LLC (Founder & CEO: Saeed Amidi, Headquarters: Sunnyvale, California, USA), and commenced open innovation activities based in Silicon Valley in May. OKI plans to expand its activities centered in the US to other regions and promote collaborations with numerous startups. OKI aims to resolve increasingly serious social issues by incorporating technological innovations on a global scale and accelerating innovation.

While being a venture capital firm that invests in early-stage startups, Plug and Play is also a major global accelerator of innovation worldwide by connecting startups with advanced companies and investors around the world. With locations in over 50 regions worldwide, Plug and Play has been involved in growing over 2,000 startups through more than 1,000 programs and events annually with over 500 partner companies.

Through this partnership, OKI will participate in Plug and Play’s ecosystem and establish a base at Plug and Play’s Silicon Valley office to explore technologies, focusing on startups. OKI has also set up a dedicated organization within its Technology Division—the Global Advanced Development Office—to bridge the gaps (Note 2) that often arise with startups. This organization will accompany startups identified in the technology exploration and provide support ranging from technology evaluation and POC to business deployment. Under this arrangement, OKI will seek to efficiently incorporate technological innovations from around the world into its businesses, thereby allowing it to provide swift solutions to increasingly complex social issues.

In the technology strategy published in November 2023, OKI advocated the Edge Platform (Note 3) as a solution platform technical concept for swiftly resolving social issues. “Global open innovation is crucial for the growth of this platform,” commented Executive Officer Kurato Maeno, who also serves as Chief　Technology Officer and Head of Technology Division. “Using this platform as a hub will allow us to connect startup growth opportunities with solutions to social issues, accelerating mutual growth.”

[Terminology]
Note 1:	A program in which OKI staff are based at Plug and Play’s Silicon Valley office to conduct technology exploration using the startup database and other resources owned by Plug and Play as well as networking and collaboration. Through various networking events and themed workshops, OKI aims to identify the latest global market trends and to materialize business synergies with startups.
Note 2:	The gaps that arise between startups identified by Silicon Valley technology scouts and the Japanese businesses receiving them. Differences (gaps) between the expectations of startups regarding feedback, speed, and scale, and the expectations of receiving businesses regarding technology maturity and responsiveness can hinder collaborative efforts, a challenge often referred to as the pitcher-catcher problem—with startups being compared to balls and Japanese businesses to catchers trying to catch the balls pitched to them by overseas technology scouts.
Note 3:	A solution platform technical concept that accelerates the combination of diverse components and data from the real field to swiftly resolve various customer issues.
	Reference URL: https://www.oki.com/en/ir/accounts/2023b3/1116_3.pdf

About Oki Electric Industry Co., Ltd. (OKI)

Founded in 1881, OKI is Japan's leading information and telecommunication manufacturer. Headquartered in Tokyo, Japan, OKI provides top-quality products, technologies, and solutions to customers through its Public Solutions, Enterprise Solutions, Component Products, and Electronics Manufacturing Services businesses. Its various business divisions function synergistically to bring to market exciting new products and technologies that meet a wide range of customer needs in various sectors. Visit OKI's global website at https://www.oki.com/.

Notes:

• Oki Electric Industry Co., Ltd. is referred to as "OKI" in this document.
• The names of the companies and products mentioned in this document are the trademarks or registered trademarks of the respective companies and organizations.