Simon partners with Plug and Play for 'Simon Launch' Retail Startup Competition
Indianapolis -- Real estate giant Simon on Thursday announced 'Simon Launch,' a retail startup competition aimed at discovering, investing in, and accelerating the top startups in the retail industry. Simon will co-invest in the competition's winners through its recently formed venture capital arm — Simon Venture Group — in collaboration with Plug and Play, a global investor and technology accelerator that specializes in growing tech startups. Simon will also become an Anchor Member of Plug and Play's Retail Accelerator program.
“We are pleased to be co-investing with Simon Venture Group and plan to leverage their deep industry knowledge and expertise to advise our investment strategy in the retail space," said Saeed Amidi, founder and CEO, Plug and Play Founder, Sunnyvale, California. "All of the players in the industry - brands, retailers, and retail-solution providers — are beginning to feel the pressure from consumers and competitors to innovate.”
The organizers of Simon Launch will select 10 startup finalists to pitch a panel of judges and will then select up to three winners. Winners will earn a $25,000 co-investment from Simon Venture Group and Plug and Play, free office space for one year at any Simon property across the country, including a location in Silicon Valley, acceptance into Plug and Play's Retail Accelerator Program, consideration for future follow-on investment by Simon Venture Group, strategic and marketing support, and mentorship from industry leaders.
"New technologies and the growth of omnichannel retailing are creating exciting opportunities for innovation," said J. Skyler Fernandes, managing director of Simon Venture Group. "It is important for us to identify and work with companies that will help drive the evolution of the retail industry."
Eligible companies interested in applying for the Simon Launch retail startup competition can qualify from a number of verticals, including in-store retail tech, ecommerce, data analytics, inventory management and logistics, energy, security, real estate tech and more.
The Simon Launch competition is being managed by Simon Venture Group, which Simon formed in 2014 to actively invest between $250,000 and $5,000,000 in companies from the seed stage to the growth stage. Some of the portfolio companies include: Augmate, an enterprise SaaS solution for digital eyewear; Shopkick, a geotargeted offers and rewards platform; Deliv, a same day delivery platform, and Fuhu, a leading electronic tablet company for.
"Simon Launch is part of a broader company effort to identify and leverage technology that is interesting and relevant and enhances the shopping experience," said Mikael Thygesen, chief marketing officer for Simon. "This competition will help us discover and connect with young, innovative companies that are pushing the boundaries of retail and creating new value for consumers and retailers."