Founders Factory, the brainchild of lastminute.com co-founder Brent Hoberman, has forged a new association with the British low cost carrier EasyJet. The startup accelerator aims to breed the next big thing in travel tech industry with this association.
EasyJet has backed Founders Factory and will be investing capital in the accelerator as it plans to invest in 200 technology startups across six sectors over the next five years. Many other big names, including CSC Group from China, are onboard to support the tech startups that will be a part of Founders Factory.
Founders Factory invests around £30,000 in the companies in exchange of 7% stake. It then helps them develop the product by providing hands on support and connects to large firms seeking innovation.
In a statement to The Times, EasyJet chief executive Dame Carolyn McCall said that it will contribute to how the airline moves forward and it matches how they work. EasyJet has been showcasing its innovations for the travel industry every now and then and this investment would help them work in the same direction. Many large scale companies are looking at young startups for innovation and are supporting them in different ways. Some are counting on startup accelerator programs like the Founders Factory to find the right teams to innovate, some have been investing directly in promising startups while few have set up their own accelerator programs or communities to associate with the upcoming technology companies.
The technology driven companies aren’t the only ones investing in and supporting the startup ecosystem. Conventional players in the travel and hospitality industry are also joining the sprint so that they aren’t left out.
Source: The Times