BMW goes startup shopping, sets up BMW Startup Garage to promote budding companies

BMW goes startup shopping, sets up BMW Startup Garage to promote budding
In a bid to leverage the growing start-up culture in India, German luxury auto maker BMW has founded BMW Startup Garage to collaborate with new start-ups with innovative ideas. The auto major has also turned investor through its newly founded venture capital company BMW i Ventures.

“We’re looking for good startups and not good inventors,” said Matthias Meyer, founder and head of BMW Startup Garage.

He added, “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.”

Under the scheme of things, any technology start-up can submit their proposal with the company, of which the best will be shortlisted. Once shortlisted, the selected start-ups have to take up a special programe that lasts for several months. The programe is designed with the aim to develop the functional prototype, which is in sync with BMW Group’s core values.

The newbies are supported in building up a strong network with the BMW Group as well as drawing up a financially viable business plan. Explaining the rationale behind promoting start-ups, the company said in a statement that the group has always had an eye for innovation and new technology. However, the tedious processes and procedures of a corporate giant could not facilitate start-ups to get in touch with the company.

“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,” stated the company.

Interestingly, the scheme is not restricted to just auto start-ups but also technology start-ups, which can be game changers in the automotive engineering sector. It should be noted that globally, BMW Group has also partnered with the Centre for Innovation and Business Creation at Munich’s Technical University in order to set up Accelarator Programme for technology start-ups, which will help the company reap benefits of the new innovative technology, products and services.