According to reports from Adweek, Betaworks, the startup platform has signed an exclusive partnership with WPP’s Grey. WPP’s Grey will be the startup platform’s sole marketing partner. WPP’s Grey will handle all aspects of their marketing and media.
Betaworks is a startup studio that builds and invest in next-generation internet companies. They invest in seed-stage technology companies and they help bring the products to the market. It was founded in 2008, with its headquarters in New York United States. Some of their investments include Twitter, Everlane, Venmo, Medium and Kickstarter. They also played an active role in creating businesses like Chartbeat and Bitly. Betaworks is considered the first true startup incubator.
About WPP’s Grey
WPP’s Grey is a subsidiary of Grey Group, it is an advertising and marketing agency. Their headquarters is in New York City. The Grey Groups has over 432 offices in 96 countries. Some of their notable clients include British American Tobacco, Diageo, Procter and Gamble, Nokia and Volkswagen.
The Betaworks and WPP’s Grey Partnership
The Betaworks and WPP’s Grey Partnership will see WPP’s Grey handling all aspects of Betaworks marketing. The agency will be helping the startup incubator gain a more global presence and would handle marketing and media for all the startups. Betaworks will also be offering their services to WPP’s Grey. In a statement by Dan Bennett the Chief Innovation officer of WPP’s Grey, he explained that Betaworks will bring things that aren’t in their area of expertise in emerging tech. WPP’s Grey will use their strengths to help make sense of it to their potential consumers.
WPP’s Grey staff will be introduced to the startup platforms to learn about new startups and tools that might be relevant to their clients. The agency will take the innovation that they are introduced to, to their own client’s businesses. According to reports, 3 of WPP’s clients have already started working on Betaworks projects. Kellogg’s GSK and HSBC are working on a project involving an education platform and an unspecified new product. WPP’s Grey partnership with the startup platform is in line with the agency’s decision to invest 75 per cent of its capital in creative talent and resources.
It is said that Betaworks described this partnership as a game changer. Reports also say that the startup incubator was sceptical at first but Greys sold themselves. A rep from startup incubator said that advertising isn’t the primary output of the partnership, the partnership will be a more authentic relationship between brands and technology. The partnership between the two companies will see them create new revenue streams for their clients.