New York’s advertising industry is increasingly interested in spurring young entrepreneurs. The latest is a Launch Lab from OMD and GE which brings 12 students from top universities for a 10-week summer program. The whiz kids get a paid stipend as they work on their business plans and the best project walks away with a $10,000 scholarship.
The city has been pushing hard to remake itself as a rival to Silicon Valley. While the west coast has a couple decades head start, the flow of young talent and coporate dollars into the local tech sector is a great way to expand New York’s digital industries.
In this case there will not be a direct equity stake, but a partnership that could lead to new media models. As Media Post notes, this follows efforts by Publicis, Interpublic, The Media Kitchen to establish some sort of venture incubator. “”We are thrilled to be working with GE as the first digital media agency to support the next generation of digital talent,” said Alan Cohen, CEO of OMD USA, told Media Post. “With all the activity around media start-ups, we thought it would be a good idea for our digital people to learn from these students and vice versa.”
KBS+P recently launched its own venture arm and its most recent hire, Taylor Davidson, says new investments are due to be announced in the coming months.