LabMorgan, the unit of JPMorgan Chase charged with using technology to transform internal business as well as invest in promising enterprises, has launched a program that links key technology industry leaders with the incubator and its portfolio companies.
The LabMorgan Networks program is designed to create a platform for the mutual exchange of ideas and expertise between growth companies and established industry leaders including Accenture, BEA Systems, Cisco, Compaq, EMC, IBM, Oracle, Sun Microsystems and Veritas.
"LabMorgan Networks is one more example of how LabMorgan is establishing a new model that breaks from past approaches to business development," says Ameet Patel, chief technology officer of LabMorgan. "ItÆs precisely when companies are racing to get initiatives to market that they need the know-how and resources of established players. LabMorgan Networks gives them just that. By pairing our portfolio companies with over 20 member companies who are preeminent leaders and visionaries in technology, weÆre establishing channels for vital resources to flow to our portfolio companies."
The program offers members a look at the LabÆs existing portfolio of over 60 technology companies, as well as selected new business ventures and other opportunities that come through each member companyÆs pipeline. This shared-deal flow presents members with a first look at some of the hottest new technologies emerging today, says Patel. The initiative should also give portfolio companies access to discounted hardware and software, expert advice, potential business partners and investors.
LabMorgan's investee companies include businesses that have been spun out of J.P. Morgan prior to the merger with Chase, such as Arcordia, an independent internet-based derivative management and settlement company. The incubator has also invested in other startups that were seen to promise cutting edge technology and innovation, such as 724 solutions, which offers wireless solutions for the finance industry, and account aggregator Yodlee.
LabMorgan says several portfolio companies have already taken advantage of the new program.
