Elevator Labs is a ‘new invention company’. It’s also an ‘innovation factory’. And it aims ‘to bring ideas to life by identifying emerging market opportunities and transforming them into impactful new businesses’. Which might sound a little woolly, but co-founders Zack Zalon and Brendon Cassidy have raised $20 million from KGC Capital to get the venture off the ground. The idea is to incubate Los Angeles-based startups, with an initial stable including the pair’s Hello Music – a music-focused community that we’ve covered before (Bulletin, 26-Jan-10). Zalon and Cassidy used to work at Virgin Digital, where they oversaw the launch of the Radio Free Virgin service. “We believe strongly in the power of ideas. The core belief of Elevator Labs is that the right idea executed at the right time – and in the right way – is the only proven key to building value,” says Zalon. Source: Elevator Labs

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