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Iterate Studio to do legwork for retail innovation
There is a new player in the online space, and the player's intentions are to make it simpler for retailers to find the right resources without spending a lot of time on platforms what won't work for them. Called Iterate Studios, the platform just sealed a $1 million funding round.
There are 20 retail brands using Iterate Studio along with 17 start-ups.
"We're not an accelerator with inherent bias," said Jon Nordmark, CEO and co-founder of Iterate Studio. "We're not a single start-up or a single technology. We are an agnostic supplier and tester of emerging technologies. That means that any start-up from any of the 400 global tech accelerators, from any VC, from any entrepreneur, is a candidate for testing. We don't discriminate based on how much money you raise, where you're based or who your investors are - we democratize innovation."
Here's what the platform does: Iterate Studios aggregates start-ups new to the ecommerce space and then tests their applications. Those tests are shared with retailers, giving them insight into how new platforms may work for them; from there the retailers make their decision on which start-ups to use. Or not.
"The real win is getting the experiments done without devouring the time and resources of large company executives and their teams that are focused on mission-critical day-to-day activities," said Iterate investor Fred Soneya, co-founder of Haatch.com, a unique Investor / Incubator based in the United Kingdom.
Image via Shutterstock
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