While other brands are still trying to figure out what Foursquare means for their businesses, PepsiCo is looking to get in at the earliest stage of the startup process.
Through a new program called PepsiCo 10, in conjunction with Mashable and Highland Capital Partners, PepsiCo is accepting applications from emerging companies in media, communications and technology to be one of up to 10 companies nurtured by the global beverage maker. In exchange for early-stage involvement with innovative new tech companies, Pepsi is offering mentorship with a team of expert venture capitalists, brand marketers, and media experts, as well as the opportunity to test and prove the success of their new ideas with actual PepsiCo products.
In addition to the short term PR bump from the program's announcement, the brand is looking for long term innovative marketing solutions, as submissions will be accepted in the categories of Social Media and Marketing, Mobile Marketing, Place-based and Retail Experiential Marketing, and Digital Video and Gaming.
It's likely that PepsiCo has noticed that once a startup becomes hyped up to the inflection point, small companies like Foursquare are so inundated by corporate suitors that integration opportunities become extemely competitive. PepsiCo has found an innovative way to build relationships with what could be the next generation of tech darlings before most CMO's have even heard of them. Here's hoping their selection process works as planned!
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