Even with a million-dollar idea, it's estimated that
three out of four startups will ultimately fail due to poor management, insufficient capital, or lack of industry experience. Providing hope are several new branded incubator programs that are offering young entrepreneurs the invaluable opportunity to be mentored by seasoned professionals and, in at least one case, learn how to survive the
“valley of death.”
timeSpace: The New York Times recently launched
timeSpace, a four-month incubator program that gives emerging media startups an unprecedented look inside the workings of the iconic paper's headquarters. The
Times will select three to five early stage businesses and invite them to set up shop in the
Times offices. Participants will then have the opportunity to develop and demo their products with guidance from experienced media, technology and journalism staffers. Hoping to create a mutually beneficial relationship, the paper anticipates that the entrepreneurial guests will reinvigorate their employees, thereby evoking some
much-needed innovation within the newsroom.
Nike+ Accelerator: TechStars and
Nike have collaborated to launch the
Nike+ Accelerator program, a three-month fellowship that tasks startups with developing new health and fitness applications for
Nike+ technology. Ten startups will be awarded $20,000 in seed money, access to the Nike+ API, office space in Nike’s Portland, Oregon headquarters, and mentorship from illustrious industry leaders like Nike VP of Digital Sport
Stefan Olander, quantified-self expert
Tim Ferriss, and Foursquare co-founder
Naveen Selvadurai. By opening up Nike+ to outsiders, Nike aims to maintain its technological edge over a growing force of
fitness tracking competitors, such as
Jawbone,
Fitbit, and most recently,
Armour 39.
Scion Motivate: Scion recently unveiled
Motivate, a competitive incubation program for young entrepreneurs in the creative arts community. The contest, which is only open to those between the ages of 18 and 35, invited
fledgling businesses to submit videos describing their goals and what they need to achieve them. Videos are currently being reviewed by a panel of professionals who will base their decisions on applicants’ clarity of plan, creativity, feasibility, impact on the arts community, and potential to generate social media buzz. Up to ten finalists will receive one-on-one time with a personal business mentor, $10,000, and, naturally, a Scion vehicle.
