RealTime IT News

Softbank, Intercontinental Group Launch Incubator

Softbank Corp. and the Intercontinental Group launched I-Group, an Internet business incubator featuring "mentor capital" services.

These services include management, partnership, investor and recruitment mentoring; access to Softbank's "netbatsu" network and a venture capital fund.

"I-Group's aim is to attract and select the highest caliber entrepreneurs by offering the best available 'mentor capital' and resources to launch these new businesses quickly and successfully," said Ron Schreiber, managing director of I-Group.

The Softbank "netbatsu" is comprised of Softbank's network of more than 130 high-tech and Internet companies.

"I-Group has a set of turnkey solutions, across multiple business disciplines, which gives entrepreneurs a six month lead time in the critical first-to-market race," said Ellen Roy, managing director of I-Group.

I-Group also announced its first tenant, ClubTools.com, an application service provider founded by Paul Ognibene, a recent Harvard Business School graduate and business plan contest semi-finalist.

All incubator portfolio companies will have access to the I-Group Jump Start Kit, comprised of a series of strategic partnerships that provide discounted services in critical business areas, a list of preferred providers to provide quick solutions to typical business problems, and a library of business documents to ease the administrative burden on start-up companies.

And entrepreneurs in the incubator can plug into more than 130 netbatsu portfolio companies for partnerships, sales and investors.