RealTime IT News

B2B Giants Form Incubator

Internet Capital Group Tuesday joined forces with some leaders in the business e-commerce space to create a new incubator aimed at helping B2B startups with financing, infrastructure, technology and legal expertise.

eColony is a joint venture between Internet Capital Group (ICGE), VerticalNet (VERT), Breakaway Solutions (BWAY), Comcast and Capital Investment Co. Additional backers and strategic partners will be announced in the near future.

eColony will seek partnerships with B2B startups and provide these partner companies with financial capital, physical infrastructure, management assistance and business relationships. eColony's Development Sites will provide the on-site infrastructure support and technology. It will offer business development, human resources, recruiting, sales, marketing and finance.

Walter Buckley, president and chief executive officer of Internet Capital Group, will serve as eColony's chairman.

"eColony adds a vital component to our strategy, allowing us to work with young companies that were previously too small for an Internet Capital Group partnership," Buckley said.

"We look forward to working with eColony to leverage our business expertise and relationships in support of their partner companies -- many of whom we expect to develop into important members of the Internet Capital Group network."