Target Corp. has inked a deal with German wholesaler and grocer Metro AG to take its retail accelerator program global.
The Target accelerator program is in its fourth year and works with retail startups. The newly formed global accelerator program is called The Metro Target Retail Accelerator and is certified by Techstars, a U.S.-based seed accelerator founded in Boulder, Colorado.
“The partnership with Metro not only extends our reach globally to bring new ideas to Target, but it further helps startups understand how to scale,” says Minsok Pak, Target executive vice president, chief strategy and innovation officer.
Target, No. 17 in the Internet Retailer Top 1000, says working with Metro will help it better reach startups from around the world. Metro is a wholesaler and food retailer that operates in 35 countries and employs more than 150,000 people worldwide. In its 2016-17 fiscal year, Metro generated revenue of about 37 billion euros ($41.96 billion). The accelerator program will be accepting applications for 10 spots for startups from across the globe through Feb. 24 and will kick off a 14-week mentorship and training program with Target and Metro business leaders and Techstars alumni in early May 2019.
Each startup will receive up to a $120,000 initial investment. All 10 selected startups will spend time at Target’s headquarters in Minneapolis and Metro’s Accelerator headquarters in Berlin. Sessions will focus on how to bring a business concept to market and craft a compelling pitch to support…