A few days after Jaguar Land Rover announced that it is to launch an ‘Innovation Incubator’ project in the US, German luxury carmaker BMW is taking the same route – it has declared its intention to tap into startups.
08 Apr 2015 | 4531 Views | By Autocar Professional Bureau
A few days after Jaguar Land Rover announced that it is to launch an ‘Innovation Incubator’ project in the US, German luxury carmaker BMW is taking the same route – it has declared its intention to tap into startups.
The newly founded BMW Startup Garage aims to harness ...
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A few days after Jaguar Land Rover announced that it is to launch an ‘Innovation Incubator’ project in the US, German luxury carmaker BMW is taking the same route – it has declared its intention to tap into startups.
The newly founded BMW Startup Garage aims to harness the potential of innovative startups. And armed with venture capital company BMW i Ventures, it is looking to foster the exchange with young enterprises developing innovative solutions for urban mobility.
The BMW Group has also joined forces with the Centre for Innovation and Business Creation – UnternehmerTUM – at Munich’s Technical University to set up the ‘TEchFounders’ accelerator programme for technology startups. The Accelerator Programme introduces the BMW Group to innovative technologies, products and services at a very early stage, with the option of working together with the startup teams.
One team headed by innovation managers Gregor Gimmy and Matthias Meyer has just come on board the BMW Startup Garage. Gimmy explains why: “It was time to ask ourselves how our company can tap into this potential in an efficient way.”
Most fledgling companies find it daunting to present their ideas to a company, particularly in view of the internal processes and procedures of a major enterprise. With its slimmed-down, efficient processes, the BMW Startup Garage now allows for swift and flexible collaborative projects. That way more startups can be identified and integrated more rapidly. Any interested startup companies can apply online to the BMW Startup Garage. The selection is then made directly via the BMW Startup Garage in close consultation with the innovation management team and the relevant departments of the BMW Group.
Selected startups subsequently undergo a special programme lasting several months. At the core of this programme is the development of a functional prototype with an application relevant to the BMW Group. Startups also receive assistance in building up their network within the Group and in drawing up a business plan.
In principle, any startup anywhere in the world can apply. And the scheme is not restricted to companies in the automotive sector, but extends to technologies that can be transferred to automotive engineering applications. However, applicants must meet a number of requirements as well: “We’re looking for good startups and not good inventors,” explains Matthias Meyer. “Anyone thinking of applying needs to bring along not just a great idea but a great team as well. After all, only a top-flight team can make ideas work successfully.”
From a startup’s point of view, this looks to be a win-win formula – the combination of the strategic and global planning clout of a large corporation with the culture of ongoing innovation and creativity.