DRIVE Lands 5 Startups to Accelerator Program

There is a new innovation center in town that is setting itself up to be a mediator between startups and OEMs — and it’s already snagged five mobility startups through its accelerator program, Auto Finance News has learned.

Tel Aviv-based DRIVE, which launched operations last week, aims to promote the development of cutting-edge smart mobility technology, including transportation and automotive solutions. The innovation center will include a range of activities aimed at providing assistance to startups and entrepreneurs, including guidance in value proposition validation through the creation of long-term partnerships with leading mobility firms.

The initiative is sponsored by Mayer Cars and Trucks, Hertz Corp., Honda Motor Co., Volvo Cars, and Ituran Location and Control Ltd.

DRIVE is split into three main activities: a shared workspace, a FastLane program, and a prototype lab. The shared workspace offers early-stage startups or entrepreneurs a meeting room, communal kitchens, and more.

FastLane, the accelerator program, is for elite early-stage smart mobility startups. Those who are selected will go through a fully-paid curriculum of seminars. The goal for graduating startups is to deliver a market-tested concept that has a true market demand. Currently, DRIVE has five startups enlisted in the FastLane program, Co-Founder and Chief Executive Boaz Mamo told Auto Finance News.

Lastly, the DRIVE prototyping lab program provides an opportunity for startups, of any stage, to implement and demo their products and ideas by working directly with one of DRIVE’s sponsors.

The innovation center will work with about 30 startups per year, Mamo said. Out of those 30, DRIVE will choose five to 10 startups to be a part of the FastLane program, and about three or four startups to participate in the prototype lab program.

However, the biggest challenge for DRIVE is saying no to companies interested in participating in the programs, Mamo said. “Because it’s an elite program, out of the five we choose, we saw about 30 startups,” he said. “So how do we say no to the other 25?”

DRIVE is seeking “very exciting” teams, from various sectors in the smart mobility space, Mamo said. In particular, the innovation center is interested in entrepreneurs who are great problem-solvers. “What’s interesting to us is to see how they solve the problem, but the real question is: Did they know to identify a problem?” Mamo said.