BMW to “drive” innovation with new start-up accelerator Car manufacturer has launched UK Innovation Lab and is looking to find tech start-ups with solutions for the automotive financial services sector Written by Megan Dunsby Published on 18 July 2016 Our experts We are a team of writers, experimenters and researchers providing you with the best advice with zero bias or partiality. Written and reviewed by: Megan Dunsby 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 retentionData Driven Decisions – Solutions that provide transparency, data visualisations and accelerations decision-making for customers and suppliersUsed Cars – Exploring ways to open up their used car opportunities and attract a younger marketDigitising the Customer Journey – Solutions that can introduce a streamlined and intuative online journeysFinTech Wildcard – Technologists and entrepreneurs looking to transform automotive finance and insurance opportunitiesMembers 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. Share this post facebook twitter linkedin Written by: Megan Dunsby