Target announced Monday the local and international startups that will be participating in its summer accelerator and incubator programs.
Although the accelerator and incubator each provide mentorship and benefits to companies, their offerings are slightly different. The incubator targets Gen Z entrepreneurs and has a distinct social impact venture focus. It invests $10,000 into each company, and places them in Minneapolis for eight weeks. The accelerator focuses on retail-technology startups and invests $120,000 in each company in exchange for a small share of equity in the business. This program also takes place in two countries over the course of three months.
Here's what you need to know about each:
ACCELERATOR
The METRO Target Retail Accelerator will mentor nine companies over the next 12 weeks. Each participating startup will receive around $120,000. The program, which started today at METRO's headquarters in Berlin, will conclude with a Demo Day in Minneapolis in August.
After spending their first month with the accelerator in Berlin, the startups will travel to Target's Minneapolis headquarters for several weeks, where they'll tour the company's facilities, meet leaders and mentors and take part in retail-focused workshops. Finally, participants will relocate to one of the two cities mid-July for a few more weeks to continue conversations with Target and METRO business leaders.
Since its debut in 2016, nearly 30 U.S. startups have participated in Target's retail-tech accelerator, and many have gone on to bring their products and services to market through tests and pilots at Target.
This is the first year that Target is partnering with METRO AG, a German retailer and one of the world's largest wholesalers and food specialists. METRO operates in 35 countries and has more than 35,000 employees.
Prior to partnering with METRO, Target worked with Boulder, Colo.-based Techstars under a three-year agreement that expired last year. The new accelerator is "certified" by Techstars, but not run by the organization.
Here are the nine startups in the METRO Target Retail Accelerator:
- Afresh Technologies (San Francisco): The fresh-food-first supply chain company brings artificial intelligence and machine learning to handle the complexity of perishable categories for brick and mortar retailers and wholesalers.
- LISNR (Cincinnati): LISNR's data-over-audio technology is used to connect the customer to the company and power transactions around the globe.
- Perksy (New York): A consumer insights platform that powers real-time research with millennial and Gen-Z audiences through an immersive and gamified mobile app where users are rewarded for answering brand questions.
- Sezzle (Minneapolis): A payment platform that helps merchants increase online sales and order values by enabling shoppers to buy now and pay later with installment plans.
- Shelfbucks (Austin, Texas): Shelfbucks offers an IoT software platform that automatically tracks and improves ongoing daily performance of in-store display promotions and inventory from supply chain to the sales floor for transparency to retailers and supply partners.
- CB4 (Israel): CB4 software applies machine learning and uses point-of-sale data to detect in-store operational issues affecting items with high local demand, helping to capture lost sales.
- Einride (Stockholm, Sweden): Einride provides transportation as a service through all-electric autonomous vehicles.
- IDEE GmbH (Munich, Germany): IDEE offers a private ecosystem that makes identification and authentification processes secure, compliant and convenient for both businesses and their customers.
- UntieNots (Paris): UntieNots provides retailers with AI-powered, gameified and one-to-one loyalty solutions.
INCUBATOR
Target also released the list of eight companies participating in its newest accelerator program, Target Incubator, which is focused on helping young entrepreneurs further develop their businesses.
Target Incubator hopes to back young people with aspirations to make the world a better place with "better for people" or "better for the planet" business ideas.
Participants are currently taking part in virtual programming this spring, with Target's accelerator team checking in regularly to help them prepare for the summer program. In mid-June, they will relocate to the company's Minneapolis headquarters for an eight-week course to learn about the world of retail.
Through the program, entrepreneurs will receive a $10,000 stipend from Target and have opportunities to network with fellow founders and develop skills in negotiations, branding, pitching and more. The incubator will conclude with a Demo Day event in early August.
Here are the eight startups in the Target Incubator:
- Blue Mangoes (Milwaukee): Helps rural fruit farmers in East Africa and Central America export and sell their goods.
- Dressmate (New York City): Curates garments from women-led, independent and sustainable designers and hosts those products online and in stores.
- KnoNap (Washington, D.C.): Developing a cocktail napkin capable of testing for the presence of date rape drugs.
- Mickey's Mission (Buffalo, New York): Produces 3D custom dolls made to represent children who are not currently represented in the doll industry.
- Pulp Pantry (Lost Angeles): A sustainable food company that aims to help end waste by transforming fruit and vegetable byproducts into nutritious snacks.
- Symba (San Francisco): Helps companies manage their short-term workforce and prepare for the next generation of workers.
- Terravive (Richmond, Virginia): Offers home compostable and marine degradable products made from plants rather than harmful petroleum.
