Boston, MA 09/03/2014 (wallstreetpr) – A lot has been going on in the market, especially about the new initiative taken by Wells Fargo & Co (NYSE:WFC) Various rumors about a new startup accelerator of WFC are going on in the market; hence; finally, Steve Ellis, Head of wholesale services and Executive Vice President of the company has decided to speak about it.
Innovation is most important:
While talking to Benzinga, Ellis said that the main objective behind all this is to bring innovation inside WFC. Wells Fargo & Co (NYSE:WFC) has been paying attention to a lot of small scale businesses and start-ups which can add value to its ultimate objective at a later stage. WFC never hesitates in spending money on technology driven businesses for better consumer experience. The same concept is going to be implemented in WFC’s startup accelerator program as well.
Although everyone doesn’t have the same opinion about startup accelerator program of WFC. Joseph Lizio, Commercial lender of WFC, said in an interview that it was one of the steps of WFC to increase its business and nothing else. He further added that if WFC helped someone or any business then there were chances that it would influence that business to transfer its account to WFC or open new account with that. In that case it would charge fees from the business that would increase the revenue of Wells Fargo & Co (NYSE:WFC).
No Demo, Its Showtime from Day One:
Most of the startups organize the first day of their business in such a way that they can show their services in demo form to large businesses, but in case of WFC’s startup accelerator program there is no demo time. Instead, WFC believes in six months long boot camping program for startups, in which they will be mentored for next six months and at the end of the period, Wells Fargo & Co (NYSE:WFC) will make a direct investment of as much as $50,000 to $500000 in each startup.
