Target's Retail Accelerator Program Gets Flooded With Applications

By Christine Kern, contributing writer

More than 500 applications rush in to be chosen for 13-week program.

Target Corp. and Techstars have received more than 500 applications from 45 countries for the Target + Techstars accelerator program, led by Minneapolis tech guru and Managing Director Ryan Broshar and West Stringfellow, vice president of internal innovation and operations at Target. The program is set to launch this summer. Target announced plans to launch the accelerator last fall.

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.”

The competitive program has room for just 10 companies to participate in the 13-week program, which offers 8,000 square feet of space at Target Corp.’s Minneapolis headquarters, mentoring, and a $20,000 capital infusion. Applications came from Australia, Nigeria, Greece, and startups from 30 of the United States. A total of 4,000 startups were evaluated at recruiting events held in San Francisco, Boston, Minneapolis, Seattle, and New York City.

Among the proposals from applicants are innovations such as virtual fitting rooms and internet-connected toys, according to a Target blog post. Mentors include Casey Carl, Target’s chief strategy and innovation officer, and Jason Goldberger, senior vice president of Target.com and mobile.

Target has pledged to focus on innovation in the segments where it is active, and is also spearheading a food-technology accelerator program in partnership with MIT as well as a mysterious tech startup known only as Goldfish.

Boulder, Colo.-based Techstars will give winning companies $20,000 for a 6 percent stake in their companies and the option of taking another $100,000.