Programmes are dismissed as either extended due diligence processes that offer little value to the startups involved, or as PR projects to promote big businesses.
We paid close attention to these criticisms when planning the BMW Group Financial Services UK innovation lab back in 2015. Having celebrated the programme’s conclusion in December 2016, I believe we successfully avoided many of the common pitfalls normally associated with corporate innovation labs. Better yet, our inaugural programme has surpassed expectations and we’ve already confirmed long-term relationships with two of our finalists.
But this has also involved one of the steepest learning curves I have encountered.