Retail and commercial finance provider BMW Group Financial Services has just launched the Innovation Lab in the UK.
Run in partnership with L Marks, a corporate innovation specialist and investment fund, the program aims to allow the company to discover new technologies that can help deliver new and improved services to its customers.
The Innovation Lab plans to attract startups with disruptive technologies that can be used to speed up development of new financial services products and bring them to market faster. The lab is interested in startups digitizing the customer journey, improving data-driven decision processes and access to cars/used cars, and advancing automotive finance and insurance solutions.
Applications are now being invited and startup companies have until 31 July to submit their application on the Innovation Lab website at www.bmwinnovationlab.co.uk.
Selected startups taking part in the Lab have access to:
– financial product validation and testing opportunities with UK experts and customers;
– mentorship from the UK leadership team;
– access to investors at L Marks;
– access to network of industry experts;
– free office space located at the BMW Group Financial Services in the UK’s head office in Farnborough, Hampshire; and
– an education program based on the Disciplined Entrepreneurship method from the Massachusetts Institute of Technology
In addition, the L Marks investment team – led by serial entrepreneur Stuart Marks – will offer access to fundraising support as well as to the opportunity to pitch for investment from the fund at any point during the program while BMW Group Financial Services in the UK will not take a minimum equity stake for participation.
The program runs from 3rd October until 23rd December 2016.
Headquartered in Farnborough, Hampshire, BMW Group Financial Services in the UK offers a range of options for financing both private and corporate purchases of BMW and MINI vehicles and BMW motorcycles, as well as a range of insurance products designed to cover car, home and travel. BMW Group Financial Services UK also includes Alphera Financial Services, which provides multi-make car finance through a network of official dealers and broker partners.