The Volvo VFS accelerator, open to any global startup, is designed in partnership with L Marks. The 10-week program will enable startups to trial their products at scale, network with industry experts, receive mentoring from the VFS leadership team and access funding from VFS and L Marks.
The program will accept entries in four categories:
- Build an Exceptional Customer Journey: Solutions that make it easy for customers to access and purchase Volvo Group vehicles, parts and service, and financial services as part of our 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 could re-engineer long held assumptions in terms of business models, sources of capital, credit and risk evaluation, and capital flows.
The program takes place at the VFS headquarters in Greensboro, North Carolina USA, but any company from any region or country can, and should, apply.
VFS and L Marks will also provide fundraising support.
Entries will be accepted from October 22, 2018 through December 2, 2018. It takes just a short time to apply…
Check out the overview video…
VFS iLabX 2018 from L Marks on Vimeo.
Accelerator Timeline
02 December 2018
APPLICATIONS CLOSE
Applications close 2nd December 23:59 EST.
10 January 2019
PITCH DAY
Pitch Day is your startup’s chance to pitch to a VFS senior leadership team to win a place on iLabX. You’ll have the chance to expand on your application and convince the panel that you’re right for the program.
11 February 2019
PROGRAM STARTS
The intensive 10-week period of collaboration starts here. Over this time, we’ll set key objectives for what you want to achieve in the program with VFS and get mentorship from senior leaders and external subject matter experts to help you achieve these goals.
02 May 2019
DEMO DAY
Demo Day is where you’ll show us what your startup has achieved over the 10 weeks and present your proposal for future engagement with VFS.
More FAQ Information
IS MY BUSINESS RIGHT FOR ILABX BY VFS?
We want to help startups take their business to the next level through collaboration with VFS. We’re interested in all startups that can help us, in one or more of the categories described. Your startup needn’t be at the very beginning of its journey. Maybe you have a product already, maybe you even have paying customers. If you feel that your startup could benefit from working with VFS then we’d love to receive your application.
WHAT INFO DO I NEED TO PROVIDE IN MY APPLICATION?
We ask you for information about you, your product or service, your team and your company. Don’t hold back, let us know how great you are!
I DON’T LIVE IN THE USA, CAN I APPLY?
Of course! The best innovators can come from anywhere.
IS ILABX BY VFS LIKE OTHER ACCELERATORS?
We believe we are different. We’ll provide your business with opportunities to:
Trial your product with VFS
Receive mentoring from Senior Volvo Executives
Gain insights from subject matter experts through a top-notch education program
WHAT IS THE PROCESS?
The program has 4 stages:
1. Apply
2. Pitch
3. Program
4. Demo
See our timeline for more info.
WHERE WILL THE MENTORS COME FROM?
Mentors will include senior executives from Volvo Financial Services, experts within the wider Volvo business, entrepreneurs and external subject matter experts. A full list of mentors will be announced in due course.
WHAT DOES THE DAY-TO-DAY LOOK LIKE AT ILABX BY VFS?
iLabX by Volvo Financial Services’ itinerary is designed to help you create game-changing products. You’ll accelerate your working to rapidly develop your product, receiving essential guidance on key decisions speedily, from your mentors. Each startup’s experience on the program will be unique – we tailor the mentoring and education programs to meet your business’s specific needs.
WHEN WILL I RECEIVE INVESTMENT FROM VFS AND L MARKS?
Investment decisions will be finalized at the end of the program, i.e. after the 10 weeks Lab is completed. Volvo Financial Services and L Marks may invest together, or separately, or not at all.
WILL VFS AND L MARKS INVEST IN EVERY COMPANY THAT JOINS THE PROGRAM?
We will decide which startups we invest in at the end of the program, i.e. after the 10 weeks Lab is completed.
Sponsor Comments
From Allen Atchley, VP of Strategy and Innovation and Head of iLabX for VFS, ”Startups can gain access to VFS’ global scale and customer and dealer insights in order to help them grow their businesses. It is also a good way for startups to work with some of the most powerful brands in the commercial transport industry. They will not only share with VFS how they can innovate and drive speed, but also learn from an organization that is well established and can provide them access to the marketplace.”
VFS and L Marks will also provide fundraising support.
Daniel Saunders, CEO of L Marks says, “L Marks is thrilled to be launching its inaugural program with VFS. We have a strong history of supporting the growth of fintech and mobility sector startups and developing or enhancing their products in partnership with our clients and we’re excited to see how VFS can engage with the startup ecosystem through the VFS iLabX.”
Check out the full program website at VFSiLabX.com.
