As a part of its 150-year anniversary celebrations, UK department store chain John Lewis is partnering with technology entrepreneur Stuart Marks to launch Jlab incubator. Marks has successfully built up and sold several technology companies specialising in big data and has been investing in and mentoring startup and growth stage companies in the UK since 2011.
Speaking about the partnership, Marks said, “I’m delighted to be working with John Lewis on JLAB. We have crafted something unique in the UK retail sector that will give businesses access to the best mentors and to an environment where they can develop their ideas. I’m certain that we will find new and exciting technology that will strengthen John Lewis’s leadership in omnichannel retailing.”
JLAB is open to all startup companies, aiming specifically at the retail sector. The main focus of the innovation framework would include in-store innovation, omni-customer experience, technology-driven customer inspiration, innovation around the ‘internet of things’, using data to drive real-time and in-store personalisation for customers, among other things.
The incubation program runs from June until September,for a total 15 weeks. On receiving applications, John Lewis and Stuart Marks will select five finalists, who will receive an initial £12,000 funding to develop their idea. Each finalist would be given an office space in London at Canary Wharf’s Level 39 accelerator space for finance, retail and future cities technology companies. At the end of the incubation period, the winning entry from among the five finalists will receive a further investment of £100,000 and a chance to test their product with John Lewis. If the trial proves to be a success, it will then be implemented across the John Lewis estate.
Andrew Murphy, retail director at John Lewis and executive sponsor for the initiative said: “The innovation focus we are looking for needs to help provide our customers with the most coherent, cross-channel shopping experience possible. We know customers really value being able to shop with John Lewis by phone, in shops and online and anything which enhances or simplifies that experience is of interest to us.”