BMW Group UK has revealed the five successful start-ups selected for the 2018 BMW Innovation Lab. Each finalist offers a disruptive business model or new technology that could benefit BMW Group UK’s three commercial divisions: BMW UK, BMW Financial Services and fleet manager Alphabet.

A total of 21 start-ups were shortlisted from over 140 applications. The shortlisted firms then pitched to the BMW Innovation Lab panel who chose the final five.

The chosen start-ups are: – a location data platform that provides better engagement and marketing opportunities to their customers through geo-targeting

Ocasta – a mobile-focused development studio that provides a platform for employee-centric communications and an operations suite

Overfit Technologies – an employee retention and analytics platform which uses data mapping to help businesses make the most out of data

easyCar Club – a peer-to-peer car and van hire service with more than 10,000 members that allows vehicle owners to earn money from their car or van when they are not using it

Dovu – a blockchain startup operating in the transport and mobility sector which rewards data sharing to create a ‘circular economy’

“The auto industry will see more change in the next 10 years than it has seen in the last 20. We need to act now and go beyond the vehicle to ensure we deliver the best services for customers now and in the future,” said Mike Dennett, CEO at BMW Group Financial Services (GB) Ltd. “The Lab is an opportunity for us to engage with start-ups and incorporate their proprietary technology into our own business, allowing us to cater for customer needs today, while ensuring services are future-proofed for the customer of tomorrow.”

Run in partnership with L Marks, a corporate innovation specialist and investment fund, the successful start-ups will now embark on a 10-week residency at the Lab where they will be mentored by BMW Group’s UK leadership team to further develop their applications. During their time at the headquarters of BMW Group UK in Farnborough, Hampshire, they will be provided with business education programmes, links to industry experts and access to investors and fundraising support before they pitch to senior BMW executives on 22 March 2018.

Stuart Marks, Chairman of L Marks, said: “The breadth and quality of applications received from around the world for this iteration of the BMW Innovation Lab has made selecting just five quite tough. However, each of the final start-ups offers something unique and innovative to the automotive industry. The next 10 weeks will see them embark on an exciting journey to bring their ideas to life, and see them benefit enormously from their time in the Lab.”

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Taken from official BMW UK site. Original article here.

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