The Portland Incubator Experiment, often abbreviated as PIE or PIE PDX or stylized as Pie, is a business incubator based in Portland, Oregon that provides mentorship and resources to select startup companies. Co-founded by Renny Gleeson and Rick Turoczy, PIE is run by the Portland-based advertising agency Wieden+Kennedy (W+K). The program was informally launched in 2009 before converting to a formal structure in 2011. PIE participants are chosen by a selection committee, following an application process. Startups receive seed money and spend three months developing their businesses with support from W+K and participating mentors. Companies that have provided financial assistance and mentorship include The Coca-Cola Company, Google, Intel, Nike, Inc. and Target Corporation.
The program's inaugural "class" supported eight businesses primarily focused on mobile technology, most of which were Portland-based. PIE's 2012 class included a wider variety of business models. Following graduation, startups are provided with an opportunity to pitch their business plans; several companies have received investments as a result.
The Portland Incubator Experiment (PIE), co-founded by Renny Gleeson and Rick Turoczyis, is a business incubator based in Portland, Oregon that advises and provides resources to startup companies. The program, "informally launched" in 2009 and converted into a structured program in 2011,[1] [2] is run by the Portland-based advertising agency Wieden+Kennedy (W+K).[3] Following an application process, startups are chosen by a selection committee. Participants receive $18,000 in seed money in exchange for six percent stakes and spend three months at W+K's Northwest Portland offices, developing their businesses with assistance from "mentors, W+K, big brands and other startups".[3] [4] [5] Program rounds are often referred to as "classes", from which participating businesses "graduate".[2]
The Portland Incubator Experiment is similar to the Portland Seed Fund, a public-private program (funded in part by the cities of Hillsboro and Portland and the Oregon Lottery)[2] that encourages entrepreneurship and invests in startups.[3] [4]
Applications for the inaugural class were due on August 8, 2011. PIE received 290 applications from interested entrepreneurs, sixty percent of which resided outside Oregon.[3] PIE initially selected nine companies to participate in the incubator project, but one withdrew early.[3] Program participants in 2011 included:
Seven of the companies were based in Portland; the eighth (Los Angeles–based MoPIX) planned to open a two-person office in the city. According to Turoczy, each "[had] a part in the city's budding mobile technology scene".[3] W+K connected entrepreneurs with some of its clients, including The Coca-Cola Company, Nike, Inc. and Target Corporation.[3] Financial assistance and mentorship was also provided by Google.[6]
In January 2012, the participating companies offered eight-minute presentations, pitching their products to a crowd of 400 at the Bagdad Theater. VendScreen announced that it had received a $12 million investment for its technology.[3] [5] Athletepath and Cloudability also confirmed investments of $300,000 and $1.25 million, respectively.[3] The Oregonian reported in February 2012 that two of Stayhound's three founders left after the class ended, seeking stable income.[4] In July 2012, the Willamette Week reported that Cloudability had received $8.7 million in investments.[5]
PIE began accepting applications for its second class in February 2012.[3] However, the application process was postponed in order to confirm "expert" participation.[4] [7] PIE also made changes to "improve the mentorship program and the overall experience for entrepreneurs".[2] The application deadline was extended to June 12.[2] [7] 300 applications were submitted despite little promotion from PIE.[7] Companies were chosen by a "loose" selection committee consisting of at least eight people.[7] According to Turoczy, the program's second class included a greater variety of business plans, with "fewer daily deal pitches... and fewer location-based check-in companies".[7] Businesses selected to participate included:
The program began on July 16. Participants received assistance from sponsors at The Coca-Cola Company, Google, Intel, Nike and other Oregon technology professionals.[7] PIE added a staff position for the program, designating Wieden+Kennedy's Kirsten Golden as "class manager".[2]