ANOTHER BITE OF THE APPLE: Yes folks, there's another one in town. FurtherEd announced its very own edtech incubator, to be based in New York City. It has also partnered with Progress Partners, a finance and M&A advisory firm, to provide "advisory services"--code word for connections to their network of VCs and investors. FurtherEd will join Socratic Labs and the Kaplan EdTech Accelerator as edtech incubators in the Big Apple.
Details are a bit sparse, as FurtherEd's CEO David Schnurman admitted to EdSurge that he is still very much in the planning phase. So far, all we know is that accepted startups will get free space in FurtherEd's new downtown NYC office. Schnurman will consider up to ten, small (2-3 person) teams working on products for K-12, higher-ed, or continuing education space. As far as the standard funding-for-equity part goes, Schnurman refrained from making any commitments at this early stage but admits that it is a "possibility."
He also shares that the program, set to begin in June 2013, will be structured similar to the Accelerator Program offered by Entrepreneur's Organization, where he currently serves as a mentor to the Board of Directors.
FurtherEd's history in the edtech scene may be unfamiliar to some. Founded in 1999, it made its name primarily through offering online career education for lawyers, accountants, HR and real estate agents. (These resources and connections, says Schnurman, will prove invaluable for edtech startups to get up and running.) In 2012, the company launched teachem, which allows users to create a class from YouTube videos and add time-stamped flashcards and review questions.