Ford Partners on Mobility Startup Incubator

Ford, Magna International and Verizon Telematics are launching a Detroit-based incubator to foster transportation-related startup companies.

The companies are contributing $2 million in funds, mentors and other resources to the three-year program, dubbed Techstars Mobility, Driven by Detroit.

Applications are being handled through March 15 by Techstars, a funding group set up in Boulder, Colo., seven years ago. The organization, which operates in several cities, has "graduated" about 400 companies currently valued at about $2 billion.

The program will select 10 startups from across the country each year for three years. The candidates will receive $120,000 and receive intensive training, mentoring and development assistance during three-month "boot camps" in Detroit, beginning in June. Then each company will pitch for more funding from investors and venture capitalists.