IBM sets up advisory panel of 7 venture capital firms
IBM sets up advisory panel of 7 venture capital firms
Big Blue wants to identify startups with hot future
"NEW YORK - International Business Machines Corp. has created an advisory panel of venture capitalists to help identify startup companies that may become suppliers, customers or acquisition targets.
Investors from seven firms, including Accel Partners, Hummer Winblad Venture Partners and U.S. Venture Partners, will meet with IBM executives four times a year to suggest products and companies that may be of interest, IBM said yesterday.
IBM's venture unit has identified more than 850 startups around the world with the help of venture capitalists and provides the companies with sales prospects and advice, said Mark L. Hanny, an IBM vice president.
The panel is part of a plan by IBM Chief Executive Officer Samuel J. Palmisano to spend about $1 billion a year to build relationships with investors, professors and researchers that may lead to sales, Hanny said.
"We don't want to be [a venture capital firm], though we see they play a very valuable role," Hanny said. "We don't go into it with the idea of just making money." "
Read more here.
Big Blue wants to identify startups with hot future
"NEW YORK - International Business Machines Corp. has created an advisory panel of venture capitalists to help identify startup companies that may become suppliers, customers or acquisition targets.
Investors from seven firms, including Accel Partners, Hummer Winblad Venture Partners and U.S. Venture Partners, will meet with IBM executives four times a year to suggest products and companies that may be of interest, IBM said yesterday.
IBM's venture unit has identified more than 850 startups around the world with the help of venture capitalists and provides the companies with sales prospects and advice, said Mark L. Hanny, an IBM vice president.
The panel is part of a plan by IBM Chief Executive Officer Samuel J. Palmisano to spend about $1 billion a year to build relationships with investors, professors and researchers that may lead to sales, Hanny said.
"We don't want to be [a venture capital firm], though we see they play a very valuable role," Hanny said. "We don't go into it with the idea of just making money." "
Read more here.
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