Three of BMW’s first Innovation Lab start-ups have secured commercial contracts
Vehicle history checking tool Cazana, 0% finance app Divido and insurance app Wrisk have all secured contracts
Following the conclusion of BMW’s first Innovation Lab, the motoring firm has announced that three of the programme’s participants have gone on to secure long-term commercial contracts with BMW Financial Services UK (BMW FS UK).
Run in partnership with L Marks, the accelerator was claimed to be the first ever start-up innovation programme for the motor finance industry and offered five companies 10 weeks of support at BMW Group’s Farnborough HQ.
The programme concluded with a demo day where all five finalists pitched their ideas to the company. The three that have secured contracts are:
- Cazana – allows users to track the value of their cars, sales history and a timeline of its lifespan. Cazana’s nine month trial will see BMW FS UK build a platform with information on prestige and classic cars
- Divido – an app that offers 0% options for drivers who have unexpected repairs. BMW dealerships in Chiswick, Carlisle, Newcastle and Heathrow will pilot the platform
- Wrisk – an insurance app that brings motor, travel and home cover together, allowing consumers to access flexible and affordable policies from their smartphones
BMW is also in dialogue with Warwick Analysis, a predictive analysis platform, and Drover, a car rental and ridesharing platform.
Mike Dennett, BMW Group Financial Services UK CEO, said: “We initially launched this programme to help us embrace a more innovative, agile culture across our business and so we’re delighted to confirm on-going commercial relationships with three of our alumni.
“The Innovation Lab has proven to be a fantastic first step for both BMW Group and the wider automotive finance industry and proves that collaboration between big business and startups can produce tangible commercial benefits for both sides.”
Stuart Marks, Chairman of L Marks, said: “The corporate innovation and accelerator model will only remain sustainable if it provides significant, long-term benefits to both big and small businesses.
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“With that in mind, I firmly believe that the Innovation Lab stands as an example of best practice in how large companies should engage with the entrepreneurial community, provide unprecedented access to insight from the C-suite down and foster a culture of innovation throughout their wider business.”