Target Now Accepting Applications For Its Next Target +Tech Stars Program
By Christine Kern, contributing writer
Retail accelerator program has seen huge success.
Target has announced that the application process for the second round of its Target + Techstars retail accelerator program is now open. The program allows retail-specific tech startups to compete for an opportunity to relocate to the retailer's Minneapolis headquarters for an intensive program to speed the development and test the validity of their innovations.
Last year, more than 500 applications from more than 45 countries rushed in to be chosen for the 13-week program, as Innovative Retail Technologies reported.
During the first round of the accelerator program, more than 150 mentors gave more than 500 hours of their time and expertise to the selected startups. The success of the program is driving Target to create other retail accelerators outside the Techstars program, including one focused on Internet of Things startups.
In an announcement, Casey Carl, Target’s chief strategy and innovation officer, explained, “We know that technology will continue to revolutionize retail, and that Target’s future will be built on innovation. That’s why we’re so excited to partner with Techstars and invite the world’s most promising startups to work with Target right in our backyard.”
Target is not just spreading philanthropy with this program however; it has an eye to investing in some of the most successful participants that could help boost Target’s own initiatives. For example, the retailer recently made an initial investment in Inspectorio, a startup that went through the program that is focused on quality inspections for textiles and consumer goods in Asia and South America, and is currently in the midst of pilots around footwear and apparel.
Last year’s startups included AddStructure, Blueprint Registry, Branch Messenger, Inspectorio, istbyu, MakerBloks, MakersKit, Nexosis, Revolar, and Spruce.
"The Target + Techstars accelerator experience was extremely powerful and beneficial for Nexosis,” said Ryan Sevey, CEO and Co-Founder, Nexosis. "The relationships we formed with the mentors greatly accelerated the company forward in multiple areas. Nexosis wouldn't be where it is today without the support received from Techstars and Target."
Target also said that, in addition to continuing the Techstars program, the company also plans to develop and run several new accelerators at Target, including those with its Internet of Things (IoT) team.
“Our accelerator experience has only confirmed what we already knew: that working with startups is an important part of fueling innovation at Target, both when it comes to new ideas as well improving the way we work internally,” said Casey Carl, chief strategy and innovation officer, Target.