Volvo Financial Services, the global finance arm of the Volvo Group, one of the world’s leading manufacturers of trucks, buses, construction equipment, and marine and industrial engines, has launched a new accelerator program called iLabX.
Run in collaboration with corporate innovation specialist L Marks, iLabX will provide FinTech and other field companies from around the world with the opportunity to collaborate with VFS to develop and implement new innovative solutions and technologies that can ultimately benefit customers, dealers, and partners.
Led by Allen Atchley, VP of Strategy and Innovation and Head of iLabX for VFS, the program accepts entries in four categories:
– Build an Exceptional Customer Journey: Solutions that allows customers to access and purchase Volvo Group vehicles, parts and service, and financial services as part of our total offer;
– Financing Next Generation Transport Solutions: Platforms and product offerings that allow customers faster and easier vehicle access through ownership or other means, and address new technologies such as automation, electromobility, and connectivity;
– Digital Transformation for Business Excellence: Solutions that provide a level change in business performance through digital transformation.
– Wildcard: Solutions that look at the financial services industry 10-20 years from now, and could re-engineer long held assumptions in terms of business models, sources of capital, credit and risk evaluation, and capital flows.
Entries will be accepted through December 2, 2018.
Following the initial submission period, up to 15 finalists in each category will be invited to pitch their ideas to the VFS senior leadership team. From the finalists, up to 6 will be invited to join a 10-week innovation lab at VFS global headquarters in Greensboro, North Carolina, USA, to further develop their ideas alongside subject matter experts in the commercial transport and financial services industries.
During the 10-week program, the selected startups will be based in a collaborative environment, benefiting from access to the company’s leadership team, industry experts, investment professionals, and business education programs.
VFS and L Marks will also provide fundraising support.
Applications from entrepreneurs, startups and early-stage growth businesses must be submitted through the website www.VFSiLabX.com by December 2, 2018.