Silicon Valley Bank and MasterCard introduce a commerce accelerator programme

commerce

Silicon Valley Bank and MasterCard have announced the introduction of Commerce.Innovated, a customized commerce accelerator programme that will help commerce focused startups access operational and technology to advance their go-to-market commerce platforms.

Commerce.Innovated. is a four-month program for four to six startups. The programme is custom designed for each startup business to address operational and technology challenges by working with subject matter experts across the commerce industry.

Startup companies must meet the following criteria and apply by February 21, 2014:

  • Innovative commerce focused solutions
  • Pre-series A, seed round secured
  • Live with beta product
  • Path to revenue defined
  • Core team established

“This programme is consistent with our core mission, to increase the probability of our clients’ success,” said Bruce Wallace, Chief Operations Officer of Silicon Valley Bank. “We want to provide focused operational knowledge and connections to help commerce startups overcome operational and infrastructure challenges, so we mobilized our team to create a programme that will help them get their commerce platforms to market quickly.”

“Having run a startup that partnered with MasterCard in the past, I know first-hand the very tangible value that can come from an opportunity like this.  Startups can leverage the deep domain expertise that a company like MasterCard can share.  In return, larger companies benefit from the experience of working and thinking like a startup to help challenge the ‘usual’ way of doing things within an established organization.” said Garry Lyons, Chief Innovation Officer for MasterCard.

Commerce.Innovated will run two classes in 2014 for four to six companies per class. The first class will begin in April 2014.

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