As Their Core Business Wanes, Snap Is Turning To Media Startups
Snap, the publicly traded, parent company to Snapchat is looking to start a media startup accelerator. The company wants to find the next big media gem to quickly get under it’s belt, possibly to compensate for woes from horrible design decisions six months ago that sent their stock in a tail spin.
Recode reports that the new accelerator will be called “Yellow” after the companies trademark yellow logo. Yellow will invest $150,000 into 10 different creators or startups starting this fall. This will be an equity based accelerator model although the company’s Nick Bell wouldn’t comment on how much equity they would take for the investment. In comparison Y-Combinator takes 7% equity for a $120,000 investment.
Startups selected for the accelerator will relocate to the company’s headquarters in Venice California from September 10-December 7, 2018 where they will receive mentorship and more from a company that has seen it’s ups and downs and a dynamic founder that has gone through the trials and tribulations of startup success.
Snap has a wide variety of media partnerships that have proven to be somewhat fruitful but none good enough to help the bite they took after changing the core design of the app and pissing off millions of users, including super user Chloe Khardasian.
The Yellow accelerator is still taking applications and their app can be found here.