BMW Startup Garage sets out to be an early stage incubator for innovative startups

Munich: The BMW Group has announced the formation of a new division called BMW Startup Garage, that would identify, mentor and foster potential startups at an early stage. Any startup around the world can apply and the project is not restricted to the automotive sector only. It extends to any technologies that can eventually be transferred to automotive engineering applications.

Fledgling companies can apply online to the BMW Startup Garage and the selection would be done in close consultation with the innovation management team and relevant departments of the BMW Group. Selected startups would undergo a special program over several months to be able to develop a functional prototype with an application relevant to the BMW Group. Startups would also receive assistance in building their network and drawing up a business plan.

The BMW Startup Garage combines the strategic and global clout of the BMW Group with the culture of innovation, creativity and nimbleness associated with successful startups. In addition, the venture capital company BMW i Ventures would also foster the exchange with young enterprises developing innovative solutions for urban mobility.

The BMW Group has joined forces with the Centre for Innovation and Business Creation – UnternehmerTUM – at Munich’s Technical University in order 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.

The entire effort will considerably ease out the process for small firms to present path breaking startup ideas to a large company, cutting through the internal processes, procedures and hierarchies usually found in large global enterprises. With its slimmed-down, efficient processes, the BMW Startup Garage allows for swift and flexible collaborative projects in a way that more startups can be identified and integrated rapidly.

This one sounds like a winning idea already.

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