Martin Davis may not be Mr. Wonderful, but the branding firm he leads has become a version of "Shark Tank."
Duffy, the design and technology firm where Davis is chief executive, has launched an incubator program called Duffy Ignite. With it, Duffy offers to provide a tech start-up with a team of developers and designers in exchange for an equity stake in the company. It's the kind of deal portrayed on ABC-TV's "Shark Tank" program.
Last week, Duffy selected its first company for the incubator program: 26 Letters, a Minneapolis start-up that helps organizations address diversity and inclusion within their workforces. It assists companies with recruiting and talent retention as well as provides workshops and road maps for diversity initiatives.
Duffy Ignite developers are going to help make survey-related software for 26 Letters to better assess client feedback and analyze where clients stand in workplace diversity.
"To have the weight of an agency like Duffy supporting you means so much to me," said Caroline Karanja, founder of 26 Letters.
Duffy Ignite is also helping the company revamp its online training that it uses to reinforce lessons on implicit bias and other topics.
Duffy solicited business ideas and fielded three finalists, who were invited to pitch their projects. Duffy Ignite is currently going through contract negotiations with 26 Letters, including how much equity will be shared.
Through Duffy Ignite, the individual employees of Duffy who work on the project will receive the equity stake, not Duffy itself. Davis said the program is designed partly to retain Duffy's tech talent.