Big brands participate in 'first' UK ad tech hub

BMW, Ab-Inbev, Heinz, Panasonic and Ideal Standard are the first brands to take part in an accelerator scheme supported by the IPA, Tech City Investment Organisation and UK Trade & Investment to fund marketing technology startups.

Heinz

“The Bakery” - which is also supported agencies including Vizeum, Havas Worldwide, MBA, Karmarama and KttCattNohr Digitas - is inviting marketing and advertising technology companies to take part in its first competition for the opportunity to work with one of the participating brands, which will cover the cost to trial their products.

Brands will be able to set the winners of the competition specific briefs to solve business or marketing problems within their companies, rather than just simply investing or acquiring the startups. The Bakery says it has up to $500,000 worth of contracts to award to the 10 best start-ups who are chosen for the initial Spring 2013 launch.

On winning the competition, startups can choose whether to do a 2 to 5 per cent equity deal with The Bakery - a smaller percentage than some other accelerators which tend to ask for 5 to 10 per cent equity in exchange for office space, mentoring and other help in building their business - or for The Bakery to take commission on the contracts they are awarded by the participating brands and agencies.

Other events planned for The Bakery, which is based in East London, include hack days for marketing technologies, presentations on new advertising techniques and exhibitions of innovation in digital and creative media.

The launch of The Bakery will provide “proof-positive” of the “can-do attitude and pioneering spirit” of the UK advertising creative and digital media sector, says IPA director of marketing and reputation management Janet Hull.

AB-Inbev has already launched its own innovation lab in “Silicon Valley” in California in order to gain access to the leading technology companies in the region. Other brands including Marks & Spencer, Cadbury, Heineken, Nike have also launched their own incubator schemes in a big to tap into the latest technology to better their marketing and product output.

Readers' comments (2)

  • This is interesting. Although businesses tend to fail if they don't get the right mentorship model in place. Whilst funding is important, you need to learn from someone day to day who has failed and won in business.

    Ellie Springett
    ARM - one of the leading global technlogy brands in the world today

    Unsuitable or offensive? Report this comment

  • @Ellie, from my understanding, The Bakery is a "Second Stage" accelerator - meaning that you have quite possibly went through an early stage accelerator program, got the right mentorship and built your product. I agree that mentors are important, but what I found amazing is the fact that The Bakery focuses solely on tech startups in marketing/advertising industry. From my experience, getting diverse mentors from different industries may work in the very early stage of a startup - but vertical accelerator programs such as The Bakery has a unique value for startups that know where they're heading.

    Rade from EarnCoupon.com

    Unsuitable or offensive? Report this comment

Have your say

Mandatory
Mandatory
Mandatory
Mandatory

Job of the Week

Top Jobs

social

+media Facebook Twitter LinkedIn
knowledge+bank