Porsche and UP.Labs collaborate to fund and nurture innovation
One way to get ahead in the automotive innovation game is to corral a bunch of start-ups and ensure whatever comes out of them can be yours.
Porsche is doing just that by expanding its venturing network in collaboration with UP.Labs. The German-based supercar manufacturer has agreed with the US company on a three-year cooperation to establish six start-ups from 2023 to 2025.
The new companies will operate in various areas of mobility and Porsche’s core activities. These could involve predictive maintenance, supply chain transparency and digital retail, for example. The start-ups will be minority owned by Porsche with the option to purchase them entirely after three years.
Driving automotive transformation
In a press release issued on Tuesday, Lutz Meschke, Deputy Chairman of the Executive Board of Porsche AG and Member of the Executive Board for Finance and IT, said: “We want to strengthen our existing, broad-based startup ecosystem with an external growth engine. Through UP.Labs, Porsche secures access to international talents and their know-how. The aim is to further enhance Porsche’s position in the current transformation phase of the automotive industry in the long term. Above all, we strive for new sources of innovation."
Porsche has been active since 2016 in identifying and investing in around 40 startups with new business models and new technologies. What sets this new collaboration apart is that UP.Labs will work directly with Porsche to develop startups tailored to the Porsche business. Porsche then has the option to integrate them into the organisation.
Image of Lutz Meschke, Deputy Chairman of the Executive Board of Porsche AG and Member of the Executive Board for Finance and IT, Porsche, courtesy of Porsche.