THOR Industries has entered into a strategic partnership with TechNexus Venture Collaborative.
The partnership will identify and engage an ecosystem of entrepreneurs and transformative startup companies across the globe that will connect and align with THOR to power its strategic initiatives, according to the two companies. They add that the collaboration will accelerate the pace of innovation, improve THOR’s end-customer experience and drive margin improvement initiatives at THOR.
TechNexus said it operates as a force multiplier between ambitious enterprises and entrepreneurs to fund and incubate opportunities that lead to new market potential, and ultimately revenue growth. To create a robust ecosystem, THOR and TechNexus will identify and develop ventures that leverage unique business models, emerging consumer trends, and advanced and new technology applications important to the RV industry. Prioritizing early- and growth-stage companies globally, THOR and TechNexus will accelerate the success of portfolio companies by contributing industry and technical expertise, access to channel partnerships and the ability to launch and scale innovative solutions through selective co-development opportunities with THOR.
THOR’s investment in this partnership will empower it to expand access to the RV lifestyle for “the explorers, ramblers, weekend warriors and every adventurer in-between,” it said – and provides a pathway to engage with next-generation technologies like autonomy, robotics, electric vehicles and digital consumer experience.
“Our venture with TechNexus is an important element of our commitment to maintain our leading position in the RV space not only today but well into the future as we continue to be the industry leader in the identification and adoption of developing technologies,” said THOR president and CEO Bob Martin. “The alignment of our internal innovation strategy with external resources through the venture with TechNexus will enable THOR to continue to move at pace and allow us to remain agile. This partnership will be an important part of the engine that will drive success in our strategic objectives.”
“As shifting behaviors and new technologies change the way people think about recreational vehicles, there is an untapped opportunity for THOR to redefine how customers live an RV lifestyle, and simultaneously connect with a new generation of experience-seekers to discover RVs for the first time,” said Terry Howerton, CEO of TechNexus. “We are excited to put the power of the engine that drives TechNexus behind THOR to help drive its innovation strategy at such an incredibly disruptive time in the history of the storied RV industry. TechNexus’ operating model has driven incredibly strong results to our partners, including Brunswick Corp., the leading innovator in the marine industry.”