BorgWarner, a large automotive supplier in Auburn Hills, today announced it is increasing its exposure to emerging technologies and innovation in the mobility sector by partnering with Plug and Play, an accelerator ecosystem for startup companies, and Franklin Venture Partners, a specialized investment team within Franklin Templeton Investments.
Plug and Play, based in Silicon Valley, is a global platform that pairs promising startup companies with corporations and investors. By joining the Plug and Play ecosystem, BorgWarner officials say they will gain access to hundreds of startups, creative ideas, and new innovations.
“BorgWarner is consistently looking for opportunities to spur new advancements in propulsion and automotive solutions,” says Brady Ericson, chief strategy officer at BorgWarner. “Partnering with Plug and Play and Franklin Venture Partners connects us with the next generation of technology innovators in mobility as well as other industries.”
Each year, thousands of startups compete to earn a spot in one of Plug and Play’s industry-specific accelerator programs. Beyond mobility, there are 14 other programs, including the Internet of Things, cybersecurity, and energy and sustainability.
Approximately 20 startups are accepted into every three-month program during which Plug and Play matches them with relevant investors and corporations. The startups work with matched companies for several months before graduating, when the next session kicks off to fill open spots.
In turn, the partnership with Franklin Venture Partners offers BorgWarner access to Franklin’s C-level and public policy network and the ability to collaborate with other strategic partners. It also enables BorgWarner to leverage emerging hubs of innovation, and Franklin Templeton’s research and resources.
The partnerships represent the second and third major Silicon Valley initiatives for BorgWarner. Last year, as the company pursued new opportunities in propulsion technologies and new mobility segments, it announced an investment of $10 million in Autotech Ventures to gain access to hundreds of global startups involved in the future of ground transportation.
BorgWarner, which operates 66 manufacturing and technical facilities in 18 countries, has approximately 29,000 employees worldwide.