BMW Group Financial Services, the finance division of Germany-headquartered automotive manufacturer BMW, has launched Innovation Lab, a 10-week UK-based initiative for startups looking to partner the company.
BMW, which provides insurance as well as retail and commercial financing for BMW vehicles through the subsidiary, is running the scehem with L Marks, an investment fund that also partners several other corporate-sponsored accelerators including utility EDF’s Blue Lab.
Innovation Lab aims to develop early-stage and growth companies that can assist BMW in digitising the purchasing process, improving the transparency and visualisation of product data, improving customer retention, attracting younger buyers and strengthening BMW’s financial and regulatory technology.
BMW is offering startups a range of services including financial product validation and testing, mentorship and access to fundraising support from L Marks.
Applications are open between June 27 and July 31, 2016. The program will begin in early October at BMW Group Financial Services’ head office in Hampshire.
Mike Dennett, CEO of BMW Group Financial Services UK, said the Lab will enable BMW 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”.