California-based Cornerstone OnDemand said it has launched a new venture fund called the Cornerstone Innovation Fund. The fund will focus its investments in cloud startups that show promise in making unique business applications which will support the Cornerstone's growth. Cornerstone OnDemand provides cloud-based applications to recruit, train, manage and connect their workforce.
Although no financial terms were given for the Cornerstone Innovation Fund, the company said it expects to make individual investments within the USD 250,000 to USD 1 million range. The Board of Directors of Cornerstone will need to approve all investments which will also be done together with other chosen venture capital companies. Cornestone aims to encourage the development of cutting-edge solutions for companies who are looking to improve their strategies for talent management. The new venture fund will also provide the California-based company with the chance to support the growing technology communities in Los Angeles and around the world.
Cornerstone will also give startups a chance to apply so they could use a dedicated work space in the company's headquarters in Santa Monica, California. This will allow them to work with and leverage on Cornerstone OnDemand's experienced team of experts. Aside from providing support to external initiatives, Cornerstone also intends to use the said creative work area for its own employees. On a rotational basis, cross-functional teams will make novel applications or feature sets using the Cornerstone platform. They would also create new initiatives like what was done with the company's Cornerstone for Salesforce application.
Cornerstone OnDemand Founder and Chief Executive Officer Adam Miller said about the fund, "The Cornerstone Innovation Fund is an important strategic initiative to help further our leadership position in the talent management software space. Our approach with the fund is to foster the development of great ideas and companies, even at the earliest of stages. The fund is also a way to keep our entrepreneurial spirit alive and well at Cornerstone, even as we continue to grow and expand our business globally."
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