On Monday, Nike and TechStars announced the creation of the Nike+ Accelerator. The goal of the program, according to a press release from Nike, is to “drive digital sport innovation.”
The Nike+ Accelerator will be “powered by TechStars,” which will facilitate the program, according to the announcement. Companies invited to the accelerator will develop products using Nike+ technology. Nike+ is a collection of digitally enabled products and services such as apps and devices that track athletes’ activities and performance.
The Nike+ Accelerator will be based in Portland, Oregon, near the Nike World Headquarters in suburban Bremerton. It begins in March and runs through June. The application deadline is Feb. 3.
The format of the accelerator will be familiar to anyone who has followed TechStars. The program will select 10 companies, which will go through a three-month program where entrepreneurs will work with mentors to make connections and develop their businesses.
The accelerator will culminate in two demonstration days, one at Nike’s headquarters and one in Silicon Valley.
Nike Inc. (NYSE: NKE) will provide participating companies with access to executives, hosting services and workspace. Each company will receive $20,000.
Nike will not receive equity in the participating companies or intellectual property rights for IP exclusively developed by a company. TechStars will receive 6 percent equity in the form of common stock in each company.
The Nike+ Accelerator is the second to be “powered by TechStars.” The first was the Microsoft Accelerator. According to TechStars, the programs are created and managed by TechStars.
“Just Do It” has been the trademarked slogan of Nike since 1988. “Do More Faster: TechStars’ Lessons to Accelerate Your Startup” was a 2011 book by TechStars co-founders Brad Feld and David Cohen.