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Disruptive presence Innoverne is changing how automotive firms operate with product-as-a-service

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Name: Innoverne
Industry/sector: Technology
Date founded: 2011
Founder: Julian Thomas
Location: Reading

Julian Thomas, a man with 27 years worth of commercial experience across Europe, the US and Southeast Asia, is the founder of Reading-based Innoverne.

Together with his leadership team which is laced with the experience of completing seven startup to exit missions and delivering £200m of value creation, Innoverne facilitates subscription-based product-as-a-service programmes. Essentially, the company is focused on the circular economy which aims to deliver a sustainable business framework that is of benefit to customers as well as parties in a supply chain – in the case of the automotive sector by facilitating tools-as-a-service.

The company has a large client base in the automotive sector, and helps its blue chip customers provide their dealer networks with “access” to costly and often lowly utilised equipment & tools so that they don’t have to make large capital investments in products they’ll seldom use.

Automotive businesses are saving money using the process and delivering a better service. Revenue is generated by Innoverne by charging a subscription to access the service.

Total investment in Innoverne has now passed $2.5m, and the company also has plans to deliver product-as-a-service in retail, health & telecare, IT and electrical markets – building on the success in automotive. The company’s services are cloud and SaaS based.

“Our SaaS platform delivers ultra-lean circular commerce solutions and we outsource logistics to achieve scale & reach efficiently,” the company said. “We have a proven go-to-market strategy. Innoverne’s Automotive Directors sell at C-level into the vehicle manufacturers and aftermarket service chains, for which we create white-label programmes.”

“We are witnessing, first-hand, brands in manufacturing, retail and wholesale markets starting a journey towards sustainable, circular business models,” said Thomas. “New industry leaders are emerging, disrupting incumbents by creating greater customer value around circular – not linear – programmes. We’re building a great business. We set out to build an ultra-lean, recurring revenue-based business engineered to scale globally.”

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