So I just wrote yesterday about how in LA, we’re seeing the entertainment industry increasingly investing time and money in the tech/startup community.
Yesterday, on AllThingsD, it was announced that media giant Hearst Corp is investing $30M in Science Inc for probably about 20% equity. Science Inc is referred to by many as an incubator because they take a larger equity stake than accelerators. However, they don’t like being called an incubator, and prefer the term “tech studio”.
This is great news for the LA tech/startup community. Once we can get smooth deal flow between the entertainment world and the tech world, we’ll have available capital comparable to Silicon Valley (really? I don’t know, but it sounds true enough…).
Hearst Corp owns equity in well known media brands like the Cosmopolitan Magazine, Food Network Magazine, ESPN, and A+E Networks. They’ve already invested in tech companies including HootSuite and BuzzFeed.
Science Inc has produced companies including WittleBee, Dollar Shave Club, EventUp, and Ellie.