Innovation in the Auto Industry: High Tech Meets Big Auto
Innovation is a train that will not be stilled. It is constantly ushering in what is new, creative, and ground breaking. And it is running right through the middle of the auto industry.
As we see the emergence of high tech meets automotive, such as Apple’s and Google’s recent efforts, there are many more startups coming onto the scene, promising a driving experience that is easier, faster, and more convenient.
With BMW’s launch of its Innovation Lab in 2016, we saw a focus in four key areas:
- A Seamless Customer Experience
- Enhancing Business Processes
- Access vs Ownership
- RegTech Wild Card
Of the 143 applicants for a residency at the lab, five were chosen. The program would allow these five startups to receive mentoring while developing and refining their services and products then pitching them to senior executives at BMW in the spring of 2018. Those five applicants include:
- DOVU– The company employs blockchain technology using a cryptocurrency called DOV tokens that are earned and spent by users.
- Ocasta – A company that specializes in digital service, specifically employee learning, engagement, and operations.
- Overfit Technologies – A platform that focuses on employee analytics and employee retention.
- Proximio.io – A platform that focuses on location data, specifically in improving marketing opportunities and customer engagement through geotargeting.
General Motors and Ford are also throwing their hats into the innovation ring with their own initiatives. We will likely see more big car companies coming on board lest they be left behind. If nothing, this industry is competitive.
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