From opening up entirely new types of leases to consumers, through to tackling the barriers young drivers face, the five finalists present a range of innovations that could revolutionize how consumers own and insure cars in the future.
The five Innovation Lab finalists are:
- Divido - a new approach to car financing; consumers split the cost of important purchases over a long period, using their smartphone in a BMW Centre or at home
- Wrisk - a new take on insurance, centred around people, rather than their things. Bringing motor, travel and home cover together, to offer insurance that is more intelligent and flexible while reducing costs and making life easier.
- UKVehicle.com - using big data to identify every car available on the market, to reinvent car sales and make buying vehicles safer and hassle free.
- Drover - a car rental marketplace connecting owners and drivers of licensed cars, for use on ride-sharing platforms
- Warwick Analytics - a new type of predictive analytics, developed at Warwick University, that aims to make BMW Group Financial Services more efficient by automating data analysis
The five finalists were selected by a panel of BMW Group Financial Services representatives following an intense pitch day on 12th September. The five selected startups will receive unprecedented access to BMW Group Financial Services, in order to support innovation and fast track the growth of their business.
- Dedicated office space at the BMW Group Financial Services head office in Farnborough
- Mentorship from members of the business's senior leadership
- Product validation and testing opportunities
- Access to investors at corporate innovation specialist L Marks
- First class education programme based on the Disciplined Entrepreneurship method from MIT
The Innovation Lab will officially launch 3rd October 2016, run for 10 weeks, and close with a demonstration day on 8th December 2016.