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.