Please review the below information for future campaigns. We just finished a campaign and will open applications for another campaign soon!
Startup phase – startups with seed funding, Series A, Series B, Series C, etc.
Product or Service solution - must have a working product or proven service solution
Business model - solves a market need and delivers value to customers
USA registered - company must be registered in the USA
Flexibility - willing to travel (if allowed with COVID-19) and dedicate time to meet TFS’ timeline for incubation
Accessibility - key team members (tech lead and product owner) need to devote time for 2-3 meetings per week, plus prep time
Certified diverse supplier - We’re especially eager to hear from ventures that are certified diverse suppliers
Financial stability - debt disclosure required, cash position is relatively secure
Compliance - will verify compliance with all applicable laws and regulations
Legal/Risk - low risk related to change of laws, interpretation of law, legal entity structure, no red flags associated with ability to meet the terms of any contract or to perform as agreed, no open court cases or fraud
How to participate
Please review the following guidelines carefully before applying:
- Only one application per company, please.
- Your startup must meet the eligibility criteria outlined above and be looking to raise capital within the next six months.
- The call for partnership is not a contest or competition, and there are no “prizes.” It is an opportunity to get your startup’s solution in front of the Strategic Innovation team within TFS. The Strategic Innovation team is not agreeing to compensate you in any way as a result of applying, and all eligible participants are subject to standard diligence.
- By applying, you acknowledge that you are giving the Strategic Innovation team and Toyota affiliates the right to review the information you have submitted, and to request additional information from you as needed to further evaluate your startup.
The focus of the Strategic Innovation group is to foster an innovative culture and incubate new business opportunities for Toyota Financial Services. With strong C-Suite support, this team works independently to quickly identify new innovations and revenue streams.
Strategic Innovation team is the strategic business venture arm of Toyota Financial Services (TFS). This group is always seeking new partners to innovate. Through successful partnerships, we can speed up scalability and explore opportunities for better quality of life.
Select startups will receive compensation for the delivery of a minimum viable product (MVP) with a unique opportunity to move to a proof of concept phase, at which time a master service agreement will be entered into. Startups will also get direct experience with TFS leadership and an opportunity to learn the Toyota Way. The ecosystem builder who makes such a valuable introduction will enhance their reputation and value as a champion to local startups.
The Strategic Innovation team will screen applications to ensure the ventures meet all eligibility criteria. SI team may reach out to seek clarification of any questions they may have about the startups. Strategic Innovation team will notify all ventures of their application status within 6-8 weeks after submission.
The Strategic Innovation team partnership begins with incubation through the development of a minimum viable product (MVP). Upon validation that the MVP meet certain KPIs, a proof of concept with a prescribed user population will be conducted. Adjustments to POCs are made throughout the incubation period with the goal of understanding the viability of commercialization.