Portland Incubator Experiment

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Exterior of the Portland Incubator Experiment offices in Portland, Oregon in 2013 Portland Incubator Experiment, Oregon (2013) - 1.JPG
Exterior of the Portland Incubator Experiment offices in Portland, Oregon in 2013

The Portland Incubator Experiment, often abbreviated as PIE or PIE PDX or stylized as Pie, is a business incubator based in Portland, Oregon that provides mentorship and resources to select startup companies. Co-founded by Renny Gleeson and Rick Turoczy, PIE is run by the Portland-based advertising agency Wieden+Kennedy (W+K). The program was informally launched in 2009 before converting to a formal structure in 2011. PIE participants are chosen by a selection committee, following an application process. Startups receive seed money and spend three months developing their businesses with support from W+K and participating mentors. Companies that have provided financial assistance and mentorship include The Coca-Cola Company, Google, Intel, Nike, Inc. and Target Corporation.

Contents

The program's inaugural "class" supported eight businesses primarily focused on mobile technology, most of which were Portland-based. PIE's 2012 class included a wider variety of business models. Following graduation, startups are provided with an opportunity to pitch their business plans; several companies have received investments as a result.

Program structure

Program participants spend three months developing their businesses at the Portland offices of advertising agency Wieden+Kennedy (pictured in 2012). Wieden+Kennedy in Portland, OR in 2012.JPG
Program participants spend three months developing their businesses at the Portland offices of advertising agency Wieden+Kennedy (pictured in 2012).

The Portland Incubator Experiment (PIE), co-founded by Renny Gleeson and Rick Turoczyis, is a business incubator based in Portland, Oregon that advises and provides resources to startup companies. The program, "informally launched" in 2009 and converted into a structured program in 2011, [1] [2] is run by the Portland-based advertising agency Wieden+Kennedy (W+K). [3] Following an application process, startups are chosen by a selection committee. Participants receive $18,000 in seed money in exchange for six percent stakes and spend three months at W+K's Northwest Portland offices, developing their businesses with assistance from "mentors, W+K, big brands and other startups". [3] [4] [5] Program rounds are often referred to as "classes", from which participating businesses "graduate". [2]

The Portland Incubator Experiment is similar to the Portland Seed Fund, a public-private program (funded in part by the cities of Hillsboro and Portland and the Oregon Lottery) [2] that encourages entrepreneurship and invests in startups. [3] [4]

Classes and results

2011

Applications for the inaugural class were due on August 8, 2011. [6] PIE received 290 applications from interested entrepreneurs, sixty percent of which resided outside Oregon. [3] [6] PIE initially selected nine companies to participate in the incubator project, but one withdrew early. [3] Program participants in 2011 included:

Seven of the companies were based in Portland; the eighth (Los Angeles–based MoPIX) planned to open a two-person office in the city. According to Turoczy, each "[had] a part in the city's budding mobile technology scene". [3] W+K connected entrepreneurs with some of its clients, including The Coca-Cola Company, Nike, Inc. and Target Corporation. [3] Financial assistance and mentorship was also provided by Google. [6]

In January 2012, the participating companies offered eight-minute presentations, pitching their products to a crowd of 400 at the Bagdad Theater. VendScreen announced that it had received a $12 million investment for its technology. [3] [5] Athletepath and Cloudability also confirmed investments of $300,000 and $1.25 million, respectively. [3] The Oregonian reported in February 2012 that two of Stayhound's three founders left after the class ended, seeking stable income. [4] In July 2012, the Willamette Week reported that Cloudability had received $8.7 million in investments. [5]

2012

PIE began accepting applications for its second class in February 2012. [3] However, the application process was postponed in order to confirm "expert" participation. [4] [7] PIE also made changes to "improve the mentorship program and the overall experience for entrepreneurs". [2] The application deadline was extended to June 12. [2] [7] 300 applications were submitted despite little promotion from PIE. [7] Companies were chosen by a "loose" selection committee consisting of at least eight people. [7] According to Turoczy, the program's second class included a greater variety of business plans, with "fewer daily deal pitches... and fewer location-based check-in companies". [7] Businesses selected to participate included:

The program began on July 16. Participants received assistance from sponsors at The Coca-Cola Company, Google, Intel, Nike and other Oregon technology professionals. [7] PIE added a staff position for the program, designating Wieden+Kennedy's Kirsten Golden as "class manager". [2]

See also

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References

  1. ↑ Rogoway, Mike (June 29, 2011). "Wieden+Kennedy launches incubator to develop Portland tech startups". The Oregonian. Portland, Oregon: Advance Publications. ISSN   8750-1317 . Retrieved March 20, 2013.
  2. 1 2 3 4 5 6 Rogoway, Mike (May 30, 2012). "Intel joins Portland Incubator Experiment as applications open for PIE's second class". The Oregonian. Portland, Oregon: Advance Publications. ISSN   8750-1317 . Retrieved March 20, 2013.
  3. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Young, Molly (January 17, 2012). "Portland Incubator Experiment graduates first class, including one that landed $12 million investment". The Oregonian . Portland, Oregon: Advance Publications. ISSN   8750-1317 . Retrieved March 19, 2013.
  4. 1 2 3 4 Young, Molly (February 24, 2012). "Portland Incubator Experiment halts next class as it lines up big-name partners". The Oregonian. Portland, Oregon: Advance Publications. ISSN   8750-1317 . Retrieved March 20, 2013.
  5. 1 2 3 4 5 6 7 8 Brown, Ruth (July 27, 2012). "Exclusive: New PIE Class Announced: Meet the new Portland tech startups on the block". Willamette Week . Portland, Oregon: City of Roses Newspapers. Retrieved March 19, 2013.
  6. 1 2 3 Rogoway, Mike (August 12, 2011). "Portland Incubator Experiment attracts 290 applicants, most from outside Oregon". The Oregonian. Portland, Oregon: Advance Publications. ISSN   8750-1317 . Retrieved March 21, 2013.
  7. 1 2 3 4 5 6 Rogoway, Mike (June 20, 2012). "Portland Incubator Experiment attracts 300 applicants for its second class". The Oregonian. Portland, Oregon: Advance Publications. ISSN   8750-1317 . Retrieved March 20, 2013.
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