Tuesday September 18, 2007 22:01

Litmus Program

Posted by Channy Yun

The Japanese Softbank Ventures’s Korean subsidiary media lab has operated an incubator to nuture young companies — offering them a small seed round of capital and helping through various steps of a so-called Litmus program since August, 2007.

It’s the latest in a number of incubators that have popped up with a similar structure — reflecting a convergence around a best-practices approach, perhaps. There’s Y-Combinator, Seedcamp, and Techstars. Litmus is similar to these, only has more distinct steps in the move toward launch. When Litmus team receives a business plan, they review the b-plan thoroughly to assess potential and feasibility (hence the name Litmus); The business plans that have passed this initial stage get incubated through closed beta, open beta, service open, and “graduation”.

The first is Rukie, a social network service targetted for Korea’s 3.5M college students. The second company is Storyberry, which allows user to compose a Flash photo slideshow. OnOffMix.com, is an event scheduling site as like upcoming.com. Also various Korean startup companies will be added soon.

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