Ms. Tracy Fuerst reports

MAGNA TO SUPPORT STARTUPS WITH TECHSTARS MOBILITY, DRIVEN BY DETROIT PROGRAM

As part of its continuing focus on innovating the car of the future, Magna International Inc. will partner with Techstars, Ford Motor Co. and Verizon Telematics in Techstars Mobility, driven by Detroit. The program aims to give start-up companies financial assistance, intensive business training and access to corporate experts, who will act as mentors.

Techstars Mobility, driven by Detroit, is a mentorship-driven technology accelerator that will create a Metro Detroit hub for transportation and mobility innovations. Its goal is to bring new technologies to market that incorporate mobile devices, wireless, cloud data resources and more to provide a safer and more enjoyable driving experience.

"We have a history of taking great ideas and developing them from innovation to industry standard," said Swamy Kotagiri, Magna's chief technology officer. "We also know that great thinking can happen outside our four walls, and we are open to working with potential inventors, entrepreneurs and start-ups to help bring ideas to market. Helping bring TechStars to Detroit, the motor city, provides Magna a unique opportunity to work closely with a new potentially untapped generation of innovators."

Applications for Techstars Mobility, driven by Detroit, are now open, and recruitment will continue at the 2015 Consumer Electronics Show (CES), where Magna is an exhibitor and sponsor of the Eureka Park TechZone, a dedicated area showcasing promising start-ups and entrepreneurs.

The first class of 10 start-ups will be selected by leaders of Techstars to participate in the program, which will be based in the growing entrepreneur district in downtown Detroit. The companies will receive up to $120,000 in financing, plus three months of intensive training in business development, customer acquisition and effective executive recruitment, along with guidance from top business mentors.

Magna joins Ford Motor Co. and Verizon Telematics in the initiative. Together, the companies are committing $3-million in financing, plus mentors and other resources, to support participating start-ups. Several Michigan-based venture capital firms will provide guidance and potentially follow-on financing to participants.

"We're excited to bring our proven accelerator model and extensive network of mentors, founders and corporations to Detroit to help support the region's renaissance, being driven by all of the recent start-up and [venture capital] activity," said David Cohen, managing partner of Techstars. "Companies like Magna are at the forefront of mobility and transportation, and we look forward to working with them to help the next generation of technology companies make a real impact on the market."

Techstars Mobility, driven by Detroit, will be led by managing director Ted Serbinski, formerly with Detroit Venture Partners, a venture capital firm that invests in digital technology start-ups. Mr. Serbinski and his team will accept applications for the first class of 10 start-ups through March 15, 2015. The program will kick off in early summer next year and conclude on Sept. 10, 2015. A new class of 10 start-ups will be selected for the program every three months for three years.

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