John Lewis expands it access to startups with TrueStart partnership in hunt of that retail Eureka moment
John Lewis has opened its gates to a new roster of tech startups by partnering with retail accelerator TrueStart, to find and fund the products, services and technologies that will shape the company's future on the high street.
John Lewis is courting the talent of startups
Although John Lewis has its own in-house accelerator in JLab, the retailer says it will reap the benefits of associations with both groups, as a result of the partnership, dubbed the Eureka Initiative. It joins TrueStart as a strategic partner, sitting among a portfolio of brands including River Island, Morrisons, Land Securities and Accenture.
A culture of experimentation at TrueStart and John Lewis hopes to bring never-seen-before products and services to the shop floor.
TrueStart claims that the partnership will help grant exposure to the work from its accelerator programme, called the Collection, adding “having JLP on board as our latest strategic partner means that we can lean on our joint expertise to make sure that the retail industry keeps innovation at its core and in these changing times, help transform the fashion, home and technology sectors.”
Tom Athron, Group Development Director at the John Lewis Partnership, said: “The John Lewis Partnership began life as a brave entrepreneurial experiment. By collaborating with TrueStart we will be supporting the future growth of our company by partnering with like-minded entrepreneurs and fast tracking their ideas. I firmly believe that all businesses focused on growth in a rapidly changing world will need a few eureka moments to thrive.”
Matt Truman,chief at True Capital, private equity firm and owner of TrueStart, said: “TrueStart looks to work with genuinely disruptive businesses that have the potential to inform real change in the retail sector."
He concluded: "Our joint expertise [will] ensure that the retail industry keeps innovation at its core, transforming the fashion, home and technology sectors in these rapidly changing times.”
The roster of TrueStart startups will rotate every six months.