BorgWarner Expands Collaboration with Startup Ecosystem Plug and Play

Rhea-AI Summary

BorgWarner partners with Plug and Play to establish an incubator in Detroit aimed at supporting startup companies in the automotive and tech sectors. This collaboration enhances access to resources and funding for emerging innovators while aligning with BorgWarner's commitment to technology advancement and diversity through the Michigan Minority Supplier Development Council's AmplifyD initiative. With prior ties to Plug and Play in Silicon Valley, this move positions BorgWarner as a crucial player in fostering the next generation of mobility technologies.

Positive

• Partnership with Plug and Play supports innovation and startup growth.
• Focus on diversity through the AmplifyD initiative aligns with company values.
• Access to a wide range of innovative ideas in the automotive sector.

Negative

• None.

AUBURN HILLS, Mich., Sept. 3, 2020 /PRNewswire/ -- BorgWarner announced its next venture with Plug and Play, a global innovation platform and accelerator ecosystem for startup companies, by becoming a partner of its newly planned incubator location in Detroit. Developed through a collaboration between Plug and Play and the Michigan Minority Supplier Development Council (MMSDC), Plug and Play Detroit will supply many startup companies with resources, guidance and financing through its global innovation platform in an effort to achieve technical advancements faster than ever before. Joining forces with Plug and Play in Detroit – in addition to its existing cooperation with Plug and Play in Silicon Valley – directly connects BorgWarner to a host of smart, innovative future collaborators.

"The Plug and Play model provides extraordinary access to bright innovators and a wide range of new, inventive ideas in the automotive and tech sector," said Frédéric Lissalde, BorgWarner President and CEO. "We keep a constant pulse on the industry to strategically pursue what's next, and establishing and investing in partnerships is one way we fuel the technology pipeline of tomorrow."

Plug and Play matches exceptional startup companies with relevant companies and investors for three-month programs. Thousands of companies compete to earn a spot in Plug and Play's accelerator programs each year and approximately 20 startups are accepted per location. The Michigan Minority Supplier Development Council (MMSDC) initiative, AmplifyD, will run similarly, but with an emphasis on women and minority entrepreneurs. This focus aligns with BorgWarner's drive to cultivate a culture of diversity, excellence, collaboration and integrity.

"Strong industry partners like BorgWarner have been instrumental in helping Plug and Play to achieve its position as the world's largest innovation platform. Their continued support and commitment to open innovation serves as an example for many, and we are proud to have them as a founding partner in Detroit," said Saeed Amidi, Founder and CEO of Plug and Play. "We look forward to investing in the best nascent mobility technologies together."

BorgWarner first joined Plug and Play in Silicon Valley in fall 2018.

About Plug and Play
Plug and Play is a global innovation platform. Headquartered in Silicon Valley, they have built accelerator programs, corporate innovation services and an in-house VC to make technological advancement progress faster than ever before. Since inception in 2006, their programs have expanded worldwide to include a presence in over 25 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 10,000 startups and 300 official corporate partners, they have created the ultimate startup ecosystem in many industries. Companies in our community have raised over $7 billion in funding, with successful portfolio exits including Danger, Rappi, Dropbox, Lending Club and PayPal. For more information, visit https://plugandplaytechcenter.com.

About MMSDC
The Michigan Minority Supplier Development Council (MMSDC) is a non-profit, 501(c)3 organization committed to driving economic growth within minority communities. Founded in 1977, the MMSDC certifies minority businesses, develops their capacity and facilitates inclusive procurement opportunities. For more information, visit www.minoritysupplier.org.

About BorgWarner
BorgWarner Inc. (NYSE: BWA) is a global product leader in clean and efficient technology solutions for combustion, hybrid and electric vehicles. With manufacturing and technical facilities in 67 locations in 19 countries, the company employs approximately 29,000 worldwide. For more information, please visit borgwarner.com.

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SOURCE BorgWarner

FAQ

What does BorgWarner's partnership with Plug and Play mean for BWA investors?

The partnership enhances innovation access and startup support, potentially leading to future growth opportunities for BorgWarner.

When was the new Plug and Play incubator in Detroit announced?

The incubator partnership was announced on September 3, 2020.

How does the AmplifyD initiative impact BorgWarner's strategy?

AmplifyD aims to support women and minority entrepreneurs, aligning with BorgWarner's commitment to diversity.

What is the purpose of the Plug and Play incubator?

The incubator provides resources, guidance, and financing to startup companies to accelerate technical advancements.

How does this new partnership build on BorgWarner's existing relationship with Plug and Play?

BorgWarner previously collaborated with Plug and Play in Silicon Valley and is now expanding this relationship to Detroit.