US-based beverage producer Coca-Cola has launched a startup incubator called Coca-Cola Founders that will operate across 10 cities across the world.
Coca-Cola Founders has partnered with 16 experienced entrepreneurs in order to build startups from scratch. Its co-founding businesses include Brazil-based video ranking website Winnin, US-based temporary job app developer Wonolo, Australia-based hydration biosensor company iHydrate and Truu Mobile, the Mexico-based designer of a mobile service for teens.
Coca-Cola will reach out to chosen entrepreneurs and invite them to join the network. Coke will provide both assets and advisory support to each of the businesses.
David Butler, Coca-Cola’s vice president of innovation and entrepreneurship, told Fast Company: “It allows us to move much faster than we could internally using the least amount of money.
“The normal model working with a startup [is that] you are trying to find your strategic partnerships. Startups come to big companies and try to get in. On the big company side, they pitch their thing, but how do we connect that [to what Coca-Cola does]? It is very difficult.”