Volvo Financial Services (VFS), the finance arm of automotive manufacturer Volvo, has launched an accelerator called iLabX that will be operated in partnership with corporate innovation services provider L Marks.
The initiative will invite 15 startups for each of four categories – technology that makes it easier for customers to buy Volvo products; purchase financing; digital technology to improve business performance; and a wildcard category – to pitch for a chance to join iLabX.
The full accelerator will be made up of six participants and will take place over 10 weeks at the headquarters of VFS in North Carolina, USA. It will be headed by Allen Atchley, vice-president of strategy and innovation for VFS.
Atchley said: ”VFS will be able to build new strategic partnerships and leverage talent, and startups can gain access to VFS’ global scale and customer and dealer insights in order to help them grow their businesses.
“It is also a good way for startups to have access to VFS’ years of expertise across markets, and to work with some of the most powerful brands in the commercial transport industry.
“They will not only share with VFS how they can innovate and drive speed, but also learn from an organisation that is well established and can provide them access to the marketplace.”
