Startup Incubator Betaworks Signs Exclusive Partnership With WPP’s Grey Startup Incubator Betaworks Signs Partnership With Grey
By Patrick Coffee | November 30, 2018
Groups to share tech innovations and communications services
WPP’s Grey announced today that it has signed an exclusive partnership with Betaworks, a self-described “startup platform” that invests in seed-stage technology companies with the goal of helping bring their products to market. Grey will be the sole marketing partner for the group, which serves as both an accelerator and a venture-capital firm and which some consider to be the first true startup incubator.
Past Betaworks investments include Twitter, Venmo, Medium, Kickstarter and Everlane. It has also played an active role in creating businesses like Giphy, Chartbeat, Bitly and Digg.
The news comes 10 months after the company opened Betaworks Studios, a “membership club” in New York’s Meatpacking District that grants space to entrepreneurs, engineers and other creatives.
Terms of the deal were not disclosed, though it is understood that WPP will be compensating Betaworks.
“One of the ways this is so exciting is that being at the center of culture has been and will continue to be one of things to differentiate Grey’s product from others out there,” said Grey worldwide CEO Michael Houston. “The cornerstone of our creative ethos is culture, and there’s no more prevalent place that lives today than in tech.”
Chief innovation officer Dan Bennett told Adweek the move is in keeping with Grey’s decision, announced earlier this year, to invest 75 percent of its capital in creative talent and resources.
Nov 30, 2018