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The not-quite-incubator platform will take a movie studio approach to entrepreneurship
So what’s Mike Jones up to now post-MySpace (which had a pretty hilarious mention on last night’s episode of “Glee” as Kurt Hummel snapped “no one’s on MySpace—not even Rachel!”)? Looks like the serial entrepreneur has decided to take a movie studio-style approach to entrepreneurship with his new company, Science, Inc., a platform that launched today to both create and acquire new companies incubator-style, but without the time frame for release.
“The landscape for starting and growing digital businesses has changed considerably. The increase in angel and seed funding, along with the decrease in cost and time to test and launch businesses, have contributed to a much higher rate of innovation,” said Jones, in a statement. “These new business dynamics require a more focused approach to developing and scaling digital businesses. With Science’s model, we can centralize resources, lower the cost to launch new businesses, execute more rapidly and effectively help startups avoid the pitfalls they typically face.”
What model is that, you ask? Science will both create and develop its own business ideas in-house, as well as acquire other Internet startups with the aim of scaling them—but with no set timeline regarding exits or releases, as you generally see among incubators like Y Combinator or AngelPad.
Nevertheless, Science will still mirror the traditional incubator insofar as it will guide entrepreneurs through the various aspects of growing a successful business, such as product design, business strategy, marketing, and business development. Additionally, Science will also provide entrepreneurs and startups with a readymade network of VCs, advisors, peers, and partners.
The Santa Monica, Calif.-based studio will be focused primarily on the social, mobile, and e-commerce spaces, but no word yet on who or what will be its first venture, nor how many startups it will create/acquire annually. The company launches today with $10 million in funding from Rustic Canyon, White Star Capital, The Social+Capital Partnership, Tomorrow Ventures, Siemer Ventures, Philippe Camus, Jean-Marie Messier, Jonathan Miller and Dennis Phelps.
“Science is pioneering a new model for building the leading digital companies, working from new ideas with leading entrepreneurs as well as transforming larger online assets that have seen growth stall,” said Nate Redmond, Managing Partner at Rustic Canyon, in a statement. “This is a wide open market and Mike is leading a very talented team to capitalize on it. Science will be an important leader in the rapidly emerging digital ecosystem in Southern California.”
Jones left MySpace last June when the flagging social-turned-entertainment-platform was sold to Specific Media for a reported $35 million--a fraction of the $580 million News Corp paid for the site.
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