Softbank Ventures subsidiary, Korea Media Lab, is launching 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.
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, for example. Litmus is similar to these, only has more distinct steps in the move toward launch, explains Web 2.0 Asia:
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 (yellow), open beta (purple), service open (blue), and “graduation” (red).