Serial entrepreneur Mike Jones has led and help found a number of companies. As CEO of Userplane, AOL acquired the company in 2006. After leaving AOL, Jones started Tsavo Media, which was acquired by Cyberplex for $75 million. And in Jones’ latest role, as CEO of flailing social network Myspace, the company was bought by Specific Media in June. Jones subsequently left, and today, is officially announcing his next venture. He’s launching a new Betaworks-like technology studio/incubator in LA, called Science.
Mike Jones Launches Technology Studio, Science, In LA With $10M From Eric Schmidt And Others
Jones has received $10 million in backing from a number of well-known investors including Eric Schmidt’s Tomorrow Ventures, Rustic Canyon, White Star Capital, The Social+Capital Partnership, Tomorrow Ventures, Jean-Marie Messier, Philippe Camus, Jonathan Miller and Dennis Phelps.
Jones tells me that Science isn’t going to be an incubator in the way that Y Combinator or TechStars incubates companies for three months and then released them. He explains that Science is adopting the Betaworks-style of actually creating and acquiring new ideas, talent, and resources and building startups from the ground up with no set time period attached.
Science focuses on three things: developing new businesses, providing emerging startups with operational advice and capital, and transforming later-stage Internet assets with new talent and innovation.