Techstars Retail Accelerator in partnership with Target has opened the window today for entrepreneurs to apply for the inaugural class.
It’s Techstars first retail focused accelerator in a string of corporate-strategics and an explicit foray for Target into the startup world. Let’s get down to details for the tech entrepreneurs reading:
TIMELINE: Hundreds will apply but only 10 will be chosen. There is also an extra spot reserved for a team sourced internally from Target. The application windows runs now through March 20 and those chosen will be notified and announced before the 13 week acceleration period of June-August, followed by a Minneapolis demo day in September 2016.
CRITERIA: Team, product, and traction are the top three variables sought after per Techstars VP Daniel Feld. This is obviously a vertically focused accelerator, but that’s still left intentionally vague as of right now.
“…back end technology…front end technology…mobile…IoT…to the extent that companies are pushing the frontiers in these areas, and others, we’re interested.”
TERMS: Their stated deal terms are 20k in seed capital for 6% equity with a 100k sidenote convertible option. Target also reserves the right to offer investment above and beyond. 10,000+ square feet of downtown Minneapolis office space is carved out exclusively for the teams to call home.
PEOPLE: Target has recruited three new entrepreneurs in residence to build new businesses that contribute to growth. Of those, West Stringfellow brings the strongest technology background (Amazon, BigCommerce, PayPal, Rosetta Stone). He is credited with initiating the relationship between the two and considered a founder of the program. Other key players on the mentor roster include: Casey Carl, Jamil Ghani, and David Law. There is also a TBA Managing Director.
MISC: This is a three year relationship with the goal of running three classes over the term. So if the timing of this years program doesn’t fit with your entrepreneurial schedule, you can follow along and prepare for next year.