O2 Expands £1 Million Seed Fund
O2 today announced that they have expanded their search for teams of web developers to create a network for businesses, with several more start-ups now being given the chance to be part of the programme. The winning teams will be given a monthly allowance, one of which will qualify for extended funding in consideration for O2 having an option to buy their business for up to £1 million at the end of 12 months.
Paul Golding, head of the O2 Incubator Project, said:
“We have had a lot of interest after launching the Incubator Project and have had some very interesting applications come through. So much so that we’re opening up the competition to even more teams of developers, who will be able to benefit from a monthly allowance, as well as support and advice from O2’s small business team. This really is a fantastic opportunity for the right teams of developers, but there’s not long left to apply, so we advise people to get their applications in as soon as possible.
The Incubator Project was launched in December 2009 to find the best web developers around to apply them to solving challenges that small businesses face and O2 are encouraging developers’ applications to reflect their ideas in this area. O2 has identified an opportunity using its business insights and customer experience, and is inviting developer applicants to input their creative ideas and skills to produce an attractive proposition for businesses.
The O2 Incubator Project will add to the growing investment Telefonica is making in the Developer Community, to foster innovation within web and mobile development. Other Developer initiatives in the group include O2 Litmus, the mobile application development community from O2 UK, Open Movilforum, Telefonica’s Spanish developer community, and the Movistar Developers Platform, Telefónica’s Mexican developer community.
Applications for The O2 Incubator Project are open until 31 January 2010 and should be made through the project’s website at www.o2incubator.com