Innovation starts at the Daily News.
The News on Monday announced the launch of the Innovation Lab, a program that will provide select early-stage startup businesses with guidance, technical support, seed money and a crucial testing ground to cultivate tech products that will help transform the media business.
By partnering with New York’s Hometown Newspaper, successful applicants will have unique access to The News’ staff and will be able to tap its technical infrastructure.
The startups will have an opportunity to showcase their products on The News’ digital properties, which reach 17 million unique visitors per month and generate more than 150 million page views per month.
Participants can graduate from the six-month program with a viable product that has been proven in the market.
“We can jump-start their business model. We can direct them towards a business with a viable product. We can test their product and help them develop it,” said Cyna Alderman, managing director of the Innovation Lab.
Applicants who are chosen to participate will be housed at The News’ headquarters in lower Manhattan.
A slate of entrepreneurs, venture capitalists, angel investors and professionals will provide mentorship and guidance. The program’s professional partners will offer free legal, accounting and other services as well as six months of post-graduation office space.
Participating companies will issue The News 5% of the common stock of their company. They can also choose to receive seed funding, up to $25,000, in the form of a convertible note.
At the end of the program, companies will have the opportunity to enter into a commercial agreement with The News.
“As a leading digital news enterprise, the Daily News is proud to support entrepreneurship and the growing tech sector in New York City,” said Bill Holiber, president and CEO of the Daily News and U.S. News & World Report.
Applications will be accepted from Oct. 1 through Oct. 31. The target start date is Dec. 2.
Details of the Innovation Lab will be presented at the SwitchPitch startup event Oct. 1 at the NYU Skirball Center.
To learn more, go to lab.nydailynews.com.
