The John Lewis Partnership has announced it has teamed up with funding provider TrueStart in a bid to seek out and fund future retail startups.

The Eureka Initiative - a partnership between TrueStart and the John Lewis Partnership - will enable startups within TrueStart’s own accelerator programme, The Collection, to gain exposure to the Partnership’s market-leading retail capabilities, with the aim of bringing the best ideas to commercial reality via the shop floor and website.

The scheme will complement the highly successful incubator currently run by John Lewis, JLAB, which aims to deliver a broader range of new products and services across the department store portfolio.

Tom Athron, group development director at the John Lewis Partnership, said: “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, CEO at True Capital, the retail and consumer sector-specialist private equity firm which owns TrueStart, said: “I am delighted to welcome the John Lewis Partnership on board as our latest strategic partner. By joining forces we can lean on our joint expertise to ensure that the retail industry keeps innovation at its core, transforming the fashion, home and technology sectors in these rapidly changing times.”