This week, Flextronics (NASDAQ:FLEX) launched Lab IX, a start-up accelerator that will help the company keep up to date on the fast-changing hardware market.
Located in Milpitas, Calif., alongside Flextronics' Product Innovation Center, Lab IX will look to admit "early stage, game-changing, disruptive technology companies" that blend hardware and software together. Specifically, Lab IX start-ups will receive office and shop space, design and engineering support, and access to Flextronics' global supply chain and manufacturing expertise. As an added bonus, the start-ups will have access to IDEO, a global design firm that has made products like Apple's first mouse.
"We are excited to offer Lab IX services to help growing technology companies take their products to market and the next level," said Flextronics CEO Mike McNamara in the company's press release. "We believe that engaging with game-changing companies at an early stage will not only benefit Flextronics, but will provide those companies with the ability to leverage a wealth of experience in hardware design, manufacturing and logistics from all of the Flextronics business units and specialized partners in an unprecedented scale."
Currently, Flextronics is looking for applicant companies with fewer than three years of product development, "technically minded" leaders, and less than $5 million in funding. Once selected, each company will receive $500,000 to grow its ideas, according to TechCrunch.
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