TROY, Mich. – Magna International Inc. announced today that as part of the company’s continuing focus on innovating the car of the future, it will partner with Techstars, Ford Motor Co. and Verizon Telematics in Techstars Mobility, driven by Detroit. The program aims to give startup companies financial assistance, intensive business training and access to corporate experts who will act as mentors.
Techstars Mobility, driven by Detroit is a mentorship-driven technology accelerator that will create a Metro-Detroit hub for transportation and mobility innovations. Its goal is to bring new technologies to market that incorporate mobile devices, wireless, cloud data resources and more to provide a safer and more enjoyable driving experience.
“We have a history of taking great ideas and developing them from innovation to industry standard,” said Magna’s Chief Technology Officer Swamy Kotagiri. “We also know that great thinking can happen outside our four walls and we are open to working with potential inventors, entrepreneurs and startups to help bring ideas to market. Helping bring TechStars to Detroit, the Motor City, provides Magna a unique opportunity to work closely with a new, potentially untapped, generation of innovators.”
Applications for Techstars Mobility, driven by Detroit are now open and recruitment will continue at the 2015 Consumer Electronics Show (CES), where Magna is an exhibitor and sponsor of the Eureka Park TechZone, a dedicated area showcasing promising startups and entrepreneurs.
The first class of 10 startups will be selected by leaders of Techstars to participate in the program, which will be based in the growing entrepreneur district in downtown Detroit. The companies will receive up to $120,000 in funding, plus three months of intensive training in business development, customer acquisition and effective executive recruitment, along with guidance from top business mentors.
Magna joins Ford Motor Co. and Verizon Telematics in the initiative. Together, the companies are committing $3 million in funding plus mentors and other resources to support participating startups. Several Michigan-based venture capital firms will provide guidance and potentially follow-on funding to participants.
“We’re excited to bring our proven accelerator model and extensive network of mentors, founders and corporations to Detroit to help support the region’s renaissance, being driven by all of the recent startup and VC activity,” said David Cohen, managing partner of Techstars. “Companies like Magna are at the forefront of mobility and transportation and we look forward to working with them to help the next generation of technology companies make a real impact on the market.”
For more information about Techstars Mobility, driven by Detroit, or to apply to the program, click here.