Koch industries is adding another division to its business portfolio.
Chase Koch, son of CEO Charles Koch, will lead a new division at Koch Industries starting Nov. 1.
Koch Disruptive Technologies will focus on origination and investments in disruptive technologies with the possibility to create new company platforms, according to a release.
Disruptive innovation seeks to create a new market that eventually displaces established markets.
“Breakthroughs are constantly occurring in every industry, and the rate of change in the marketplace is breathtaking,” Chase Koch said in the release. “That’s a constant threat to every business we operate, but it’s also a massive opportunity if we can identify, and work with, promising entrepreneurs and technologies all around the world. Remarkable innovation often occurs by adopting technology from other industries, and that’s where our breadth of experience across multiple markets really provides a win-win opportunity, both for entrepreneurs and for Koch Industries.”
Koch was not available to talk more about the division.
He will leave his position as executive vice president of Koch Agronomic Services. Justin Hoppas, senior vice president of commercialization with Koch Agronomic Services, will succeed him in that role.