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BMW Group Financial Services has teamed up with investment fund L Marks for the launch of Innovation Lab 2016, a new program searching for early-stage startup partners.
To wit, BMW Group Financial Services is the retail arm of BMW Group that assists in the sale of new and used vehicles with finance and insurance products.
Through the new Innovation Lab, BMW is searching for young startups with innovative technologies that can help in improving its financial services. The program is the first of its kind in the automotive financial services sector.
“The Innovation Lab provides a great opportunity for us to get a different perspective on our business and generate new ideas more quickly,” said Mike Dennett, CEO of BMW Group Financial Services UK. “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.”
Applications for Innovation Lab are open now and will remain so until July 31. The 10-week program will run from October 3 to December 23.
Some of the areas that BMW is aiming to tackle include improving the purchase process, taking advantage of fintech ideas, and leveraging data to better its services. With that in mind, the program has been split into five categories:
- Access to Cars
- Digitising the Customer Journey
- Data Driven Decisions
- Used Cars
- FinTech Wildcard
Successful applicants will gain mentorship opportunities from leaders in the UK sector and a network of industry experts as well as free office space at BMW Group Financial Services’ headquarters in Farnborough, Hampshire.
Throughout the program, startups will have the chance to pitch for investment from L Marks.
Important to note: BMW Group Financial Services will take no equity in startups that participate in Innovation Lab.
“By opening their doors to startups, BMW Group Financial Services will be getting access to new ideas and ways of working that will have a real impact on their business,” added Stuart Marks, chairman of L Marks.
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