Ford, supplier company Magna and telecommunications giant Verizon have joined forces to support a business accelerator project designed to foster innovative transportation solutions.
Called Techstars Mobility, driven by Detroit, this program aims to nurture new ideas in the mobility field. Their goal is to bring new technologies and approaches to market, things that center on connectivity and cloud computing that make it easier for people and goods to get around.
Putting their money where their proverbial mouths are this corporate trio is committing $2 million to the project plus mentors and other resources. In addition several Michigan-based venture-capital firms will be involved.
Initially 10 startup companies will be selected to participate, though less than 1 percent of applicants are accepted. Each will receive $120,000 in funding plus three months of intensive training that will teach them the ins and outs of business development, customer acquisition, recruitment techniques and more. This incubator as it’s referred to is projected to run for three years and help 30 different startups.
Techstars was founded in Boulder, Colorado back in 2006. Their goal was to create a boot camp-style program to quickly get young companies on the road to success. To date they’ve expanded into cities like Boston, San Antonio, Chicago and London.
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