BMW to “drive” innovation with new start-up accelerator

Tech start-ups across the UK have been given the opportunity to partner with luxury vehicle manufacturer BMW, following the news that the Group has launched a “first of its kind” accelerator programme.

Launched by the financial services arm of BMW, the Innovation Lab will give five start-ups the chance to develop their ideas, receive mentoring from senior executives, free office space at its Farnborough HQ, and get support to “drive innovation” in the car finance space over a 10 week period.

BMW, who has partnered with L Marks for the programme, will award spaces to companies that are developing products or solutions to the following:

• Access to Cars – Partnerships that can transform how the business can utilise existing fleets to enhance ownership, usage and customer retention
• Data Driven Decisions – Solutions that provide transparency, data visualisations and accelerations decision-making for customers and suppliers
• Used Cars – Exploring ways to open up their used car opportunities and attract a younger market
• Digitising the Customer Journey – Solutions that can introduce a streamlined and intuative online journeys
• FinTech Wildcard – Technologists and entrepreneurs looking to transform automotive finance and insurance opportunities

Members of the Innovation Lab will also gain access to L Marks’ investors and will receive a “first class” education programme based MIT’s “disciplined entrepreneurship” method.

BMW Group Financial Services UK CEO, Mike Dennett, said of the launch:

“The Innovation Lab provides a great opportunity for us to get a different perspective on our business and generate new ideas more quickly.

It is a very different approach and one which will allow us to explore customer-focused initiatives from young, energetic and talented small companies while at the same time offering them the chance to gain exposure to a range of experienced mentors and potential investors.”

Entries for the Innovation Lab 2016 close on July 31, find out more here.