Snap have revealed their first class of their startup accelerator.
A total of nine companies are taking part in the three month residency in one of Snap's building in Venice, near Los Angeles. With $150,000 funding and creativity-centric business education in exchange for what a is believed to be a seven to 10 percent equity stake.
Snapchat lost three million last quarter, contributing to a massive share price downslide, could this new startup acceletator turn the tide for Snap?
Some of the companies taking part include:
ConBody (New York, NY) – a prison-style fitness bootcamp that hires formerly incarcerated individuals to teach fitness classes. "facilitating an opportunity-filled lifestyle by empowering our community to realize success lies within"
Love Stories TV (New York, NY) – a video platform for wedding planning and inspiration, bringing engaged couples and event professionals together in a uniquely visual community.
SelfieCircus (Los Angeles, CA) – a new kind of circus.
SelfieCircus creates pop-up experiences designed to be documented and shared on social media. The company is building a platform to connect artists, brands and consumers. The first SelfieCircus will open in Los Angeles in late 2018.
Will some of these companies change the direction of Snap's market value, and userbase? Only time will tell, but at least they are not afraid to try something different.