Although a majority of applicants for the Portland Incubator Experiment came from outside the state, a majority of its first, nine-member class comes from the Portland area.
Although a majority of applicants for the Portland Incubator Experiment came from outside the state, a majority of its first, nine-member class comes from the Portland area.
The Wieden+Kennedy ad agency launched PIE two years ago in hopes of nurturing Portland startups. It re-launched the business incubator this summer in partnership with Google and three W+K clients — Target, Nike and Coca-Cola.
Resident companies spend three months at PIE’s offices within Wieden+Kennedy’s Pearl District headquarters and get an $18,000 stipend in the form of a loan, convertible to a 6 percent equity stake in the startup.
PIE attracted one company from Illinois, along with a few entrepreneurs who had started companies with Portlanders. Other promising applicants balked at the move to Oregon, according to Rick Turoczy, PIE’s general manager.
Read more at OregonLive.com.
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