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iLabX by Volvo Financial Services hunts tech startups to drive new thinking

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by Startacus Admin

From financing the next generation transport solutions, to offering digital transformation to drive business excellence, Volvo Financial Services are looking for innovative startups for their new US based, 10-week iLabX accelerator program

iLabX AcceleratoriLabX will provide entrepreneurial companies from around the world with the opportunity to work with senior execs from VFS to develop and implement new innovative solutions and technologies that can ultimately benefit customers, dealers, and partners. 

Based at the VFS headquarters in Greensboro, North Carolina, USA, the partnership programme will enable startups, from fintech through to automation, to trial their products at scale, network with industry experts, receive mentoring from the VFS leadership team and also access funding from VFS and corporate innovation specialists, L Marks. 

They are looking for startups that are relevant in four categories:

  • Building an Exceptional Customer Journey: Solutions that make it easy for customers to access and purchase Volvo Group vehicles, parts and service, and VFSiLABfinancial services as part of their total offer.
  • Financing Next Generation Transport Solutions: Platforms and product offerings that allow customers faster and easier vehicle access through ownership or other means, and address new technologies such as automation, electromobility, and connectivity.
  • Digital Transformation for Business Excellence: Solutions that provide a level change in business performance through digital transformation.
  • Wildcard: Solutions that look at the financial services industry 10-20 years from now, and which could re-engineer long held assumptions in terms of business models, sources of capital, credit and risk evaluation, and capital flows.

Scott Rafkin, President of VFS, commented:

iLabX is where innovation and implementation come together. We are looking for creative ideas that can help us solve some exciting challenges in our business and continue to meet our customers’ changing demands.

By working collaboratively with other entrepreneurial minded companies, we aim to drive new thinking, explore new technologies and develop breakthrough solutions. Our ambition is to ensure VFS continues to remain highly relevant for our customers well into the future.”

Following the application period, up to 15 finalists in each category will be invited to pitch their ideas to the VFS senior leadership team, with up to 6 tech startups then invited to join the 10-week innovation lab, to further develop their ideas alongside subject matter experts in the commercial transport and financial services industries. 

Leading corporate innovation specialist and early-stage investor, L Marks, have a wealth of collaborative experience working with clients such as Arsenal FC, Wincanton, L MarksMischon de Reya and International Airlines Group (IAG) to build bridges between large corporates seeking to innovate more quickly, with young companies with disruptive technologies, products and services.

Applications must be submitted through the website by December 2, 2018 so do take time to take a look and check out all the details and FAQs to best understand the program and opportunity. 

Best of luck to all who apply and make sure not to just park that big idea...


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Published on: 23rd October 2018

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