PepsiCo10: Innovator Incubator Initiative

I came across an interesting initiative by major brand Pepsico, who is clearly interested in connecting with innovators and social media influencers and they're doing it through a new program called PepsiCo10.

Pepsico10 is an innovation incubator initiative, calling for small media and technology companies with a “shovel-ready” product or service technology in the following categories: (1) Social Media and Marketing; (2) Mobile Marketing; (3) Place-Based and Retail Experiential Marketing and (4) Digital Video and Gaming.

Their plan is to partner with up to 10 emerging technology companies, giving them the opportunity to execute pilot programs with PepsiCo brands, and we will match them with mentors from top media and digital consultancies.

It looks, feels and sounds like a contest, but it isn't - they're actually asking for an official request for proposal (RFP). They're interested in early-stage companies as well, meaning that it has been in the marketplace for less than two (2) years as of June 4, 2010.

They expect the a typical pilot program to take less than three months to implement, however, the actual period of participation will depend on the specific pilot program and the partner PepsiCo brand. This is not a guaranteed year-long program.

They're teaming up with Highland Capital Partners and Mashable on this initiative; the deadline for submission is June 24, 2010. Selected entrepreneurs will be mentored by a team of venture capitalists, media experts and PepsiCo brand marketers.