In this unprecedented initiative, PepsiCo will select up to 10 aspiring entrepreneurial groups, match them with industry mentors, and join with them to activate pilot programs with PepsiCo brands.
Entrepreneurs can find out more information about the PepsiCo10 and apply online now through June 24, 2010: www.pepsico10.com
PepsiCo is partnering on the program with global venture capital firm Highland Capital Partners and premiere social media publication Mashable and is connecting selected entrepreneurs with other business partners, including OMD Ignition Factory, TracyLocke, dmg :: events and Weber Shandwick.
"The PepsiCo10 initiative is our chance to identify, support and team up with some of the most original emerging technologies and to connect those entrepreneurs with some of the top companies in media and technology to develop innovative marketing ideas," said PepsiCo's Director of Digital and Social Media B. Bonin Bough.
Entrepreneurs are asked to focus PepsiCo10 submissions on one of four innovation segments: social media, mobile marketing, place-based and retail experiential marketing, or digital video or gaming. Proposals will also be evaluated on their ability to impact brands and/or further PepsiCo's corporate Performance with Purposepriorities, which include health and wellness, environmental sustainability, and talent development.
"With this program, we are championing outside innovation and welcoming it into the organization to push our marketing and communications expertise to new levels, including how to leverage innovative tools to better connect with and engage our consumers," said Seth Kaufman, Director of Media Strategy and Investment for PepsiCo North America Beverages.
Following two rounds of rigorous assessment, 20 finalists will be invited to PepsiCo headquarters for a two-day PepsiCo10 event, during which they will present their ideas to PepsiCo marketing executives and a variety of partner media and investment agencies. PepsiCo teams will then evaluate the presentations and potential of each company and hear keynote addresses and panel discussions from top media, communications and technology visionaries. Following the presentations, up to 10 entrepreneurs will be named the inaugural PepsiCo10. These organizations will have the opportunity to execute a pilot project with one of the elite PepsiCo brand teams.
"The PepsiCo10 offers an outstanding opportunity to identify and work with emerging start-ups that are driving the next wave of innovation and entrepreneurship across the globe," added Bob Davis, General Partner with Highland Capital Partners. "We're excited to work with PepsiCo and lend our expertise to the program."
While PepsiCo10 is a new vehicle for the company, PepsiCo's track record of partnership with innovative start-ups is healthy. Recently, PepsiCo has inked contracts with location-based social networking site Foursquare, endorsement marketing firm Brand Affinity, and Twitter advertising platform Ad.ly.
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