Schooling Startups
Corporations launch branded incubators to mentor next gen entrepreneurs
Life / 20 Feb 2013
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.”
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.
©The Intelligence Group