Count The New York Daily News among the collection of news organizations that are trying their hand at being an incubator. The Daily News new Innovation Lab (everyone wants to be a lab!) will offer companies space and funding:
Applicants who are chosen to participate will be housed at The Newsâ€™ headquarters in lower Manhattan. A slate of entrepreneurs, venture capitalists, angel investors and professionals will provide mentorship and guidance. The programâ€™s professional partners will offer free legal, accounting and other services as well as six months of post-graduation office space. Participating companies will issue The News 5% of the common stock of their company. They can also choose to receive seed funding, up to $25,000, in the form of a convertible note.
At the end of the program, companies will have the opportunity to enter into a commercial agreement with The News.
The Daily News joins their Manhattan rivals The New York Times, as well as The Philadelphia Daily News, The Philadelphia Inquirer, and The Boston Globe as newspapers who have run incubator programs.
â€” Justin Ellis