The New York Times Gets Into the Incubator Game

New media, meet the Old Gray Lady. If you have a fledgling media company with some promise, now might be your chance to work side-by-side with veterans at The New York Times. The Times Co. is launching a startup incubator, seeking to nurture companies whose presence in the Times' headquarters would be "mutually beneficial."

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Dubbed timeSpace, the four-month program is an experiment, the company says, in developing ways to drive media forward in the midst of a period of "unprecedented change." To that end, the Times will open its doors at 620 8th Ave. in Manhattan later this year to three to five companies that are rethinking the future of media, whether in the realm of mobile, social, video, advertising or something else.

Even in its pilot phase, timeSpace "has the potential to enhance the exchange of ideas" between the Times and technology entrepreneurs, says Denise Warren, the general manager of NYTimes.com.

Founders have just three weeks to send in their applications. What are the criteria? The Times is interested in early-stage startups with seed funding and a product already launched, either based in New York or willing to relocate to New York for four months. Other than that, the field is open.

"Our core purpose remains to enhance society by creating, collecting and distributing high-quality news and information," the company says on the timeSpace website. "We want to push ourselves and push others to find the best ways to do so, and we believe that timeSpace can be a part of that process."

Equity is not part of the incubation deal, though the Times says it could become an investor or customer of the startups at a later date. The application period ends Feb. 19.

Related: How Accelerators Help Startups Get Funding