Magna to support startups with Techstars Mobility, driven by Detroit program
Auto supplier joins with Ford and Verizon Telematics
TROY, MI, Dec. 11, 2014 /PRNewswire/ - 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 Company 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."
Techstars Mobility, driven by Detroit will be led by Managing Director Ted Serbinski, formerly with Detroit Venture Partners, a venture capital firm that invests in digital technology startups. Serbinski and his team will accept applications for the first class of 10 startups through March 15, 2015. The program will kick off in early summer next year and conclude on Sept. 10, 2015. A new class of 10 startups will be selected for the program every three months for three years.
For more information about Techstars Mobility, driven by Detroit, or to apply to the program, click here. http://www.techstars.com/program/locations/mobility/.
About Techstars
The massive Techstars interconnected network of over 3,000 successful entrepreneurs, mentors, investors, and corporate partners help the most promising startups do more faster. With 13 programs worldwide, our mentorship-driven accelerators fund the best companies in the most entrepreneurial communities. Since 2006, 80% of the 500 companies from almost 40 Techstars programs have received funding, representing approximately $2 billion in market capitalization. For more information, visit www.techstars.com.
About Magna International
We are a leading global automotive supplier with 312 manufacturing operations and 83 product development, engineering and sales centres in 29 countries. We have over 130,000 employees focused on delivering superior value to our customers through innovative products and processes, and World Class Manufacturing. Our product capabilities include producing body, chassis, interior, exterior, seating, powertrain, electronic, vision, closure and roof systems and modules, as well as complete vehicle engineering and contract manufacturing. Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit our website at www.magna.com.
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SOURCE Magna International Inc.
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