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FOR IMMEDIATE RELEASE
CONTACT:info@wingspring.com
NEW INCUBATOR OPENS TO ACCELERATE
THE SUCCESS OF B2B INTERNET VENTURES
Wingspring to Provide Infrastructure
So Entrepreneurs Can "Hit The Ground Running"
PALO ALTO, CA (February 1, 2000) —
The lightning-fast world of e-commerce was propelled even faster
with the announcement of an e-business accelerator and early-stage
venture fund. Wingspring began operations last month with
the goal of identifying, creating and providing early-stage financing
to Business-to-Business (B2B) Internet companies. By focusing exclusively
on B2B ventures, Wingspring will tap into the burgeoning B2B Internet
world, projected by the Gartner Group to account for $7.29 trillion
in revenues by 2004.
Wingspring's goal is to cut 6-9 months out
of the business development process by providing not only early
capital, but the infrastructure to assist entrepreneurs in every
aspect of achieving their business goals: refining a business
plan; creating a positive revenue model; hiring a world-class team;
developing a marketing program; and most importantly, developing
technology to turn a focused business idea into a successful business
enterprise. In addition, Wingspring provides financial, operations
and facilities experts to help entrepreneurs bulldoze through legal
incorporation, banking relationships, office infrastructure, and
the on-going process of funding.
With its official start on January 3, Wingspring
plans on incubating and funding three companies by the end of first
quarter of 2000, with the goal of incubating a total of 8-10 companies
by the end of the year. The company has drawn talent from the heart
of the Silicon Valley and other prime Bay Area locations and plans
on a staff of 30 by April.
Headquartered in Palo Alto, the company will
also open a 35,000 sq.ft. Tech Center in Pleasanton this month to
provide the office space, support staff, and key infrastructure
to its partner companies.
Wingspring also announced the creation of
Wingspring Ventures a separate entity within Wingspring to
provide early stage funding to both their own incubated companies
and other well-conceived, strategically related enterprises that
round out the Wingspring portfolio.
The five founding partners (the "Gang
of Five") represent the full breadth of business experiences
to provide a 360 view of the marketplace. Having served as CEO's
or principals in a myriad of high tech and Internet enterprises,
their vision is to supply the financial and development support
systems, which will not only accelerate time to market but also
optimize success. The founding partners, after individually building
a series of successful, leading edge businesses (many of which are
now public) are using their expertise to encourage others to join
in the overall B2B Internet marketplace. They include Ofir Kedar,
former CEO of SQRIBE and Chairman of the Board of BrioTechnology;
Alan Fisher, co-founder and former CTO of Onsale (now Egghead.com);
Dianne Snedaker, former President of Ketchum Advertising; Timothy
Taich, Silicon Valley attorney and Principal in Palo Alto Ventures;
and Avrami Tzur, co-founder and former CEO of ProSight.
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