Connected Toys And Virtual Fitting Rooms: Target Accelerator Gets 500+ Applicants
After launching its Target + Techstars retail accelerator program last October, more than 500 tech-based startups answered Target’s call with ideas like digitally connected toys and virtual fitting rooms, the retailer said Wednesday.
From its pool of applicants—some of which came from countries like Australia, Nigeria and Greece—the Minneapolis-based retailer will narrow the list to ten. Chosen startups will then relocate to an 8,000 square-foot space being built at Target’s headquarters specifically for the accelerator program.
The accelerator program is set to begin in June and last for 13 weeks, ending in a “demo day” for the participating startups.
Ryan Broshar, managing director of the Target + Techstars accelerator, and West Stringfellow, vice president of internal innovation and operations at Target, will head the program along with collaborations from various Target executives.
Target’s partner for the accelerator, Boulder, Colorado-based Techstars, will provide each startup with a $20,000 investment in exchange for stake in the company. Some startups may receive as much as $100,000 in additional capital and other investment opportunities.