German wholesaler Metro AG has teamed up with US retailer Target, in collaboration with Techstars, to launch a new global accelerator programme for start-ups, which will take place in Berlin and Minneapolis.
Ten start-ups will be selected for the programme, which is scheduled to be launched in May of next year.
Metro also runs a hospitality accelerator programme in Berlin, for tech start-ups, the fifth round of which is anticipated to start in 2019.
As part of the Metro-Target tie-up, participants will spend three months in the two cities, where they will be coached by industry experts.
Target's executive vice-president, chief strategy and innovation officer, Minsok Pak, said, “The partnership with Metro not only extends our reach globally to bring new ideas to Target, but it also further helps start-ups understand how to scale.”
Each start-up will receive a funding of up to $120,000 (€105,740), as well as support from Metro and Target in various aspects of managing a business.
Managing director of the Metro Target Retail Accelerator programme, Garan Goodman, said, “We look for business models worldwide that can be applied to every segment of the wholesale and retail value chain, from back-end to customer-facing and everything in between.”
A Global Network
The programme will enable start-ups to connect with a global network of experts, investors, customers, and accelerator alumni.
The 14-week programme will culminate with a demo day in Minneapolis in August 2019, where the founders of the start-ups will pitch their businesses to industry leaders from Target, Metro, and Techstars.
The local start-up community and potential investors will also be present at the demo-day pitch.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.