Veteran local tech entrepreneur Michael Schreck has joined Altisource Labs in Boston to run its newly launched accelerator program.
It intends to build new software ventures that are able to stand alone as independent companies. Currently, the accelerator is working with four fledgling enterprises.
The idea behind the accelerator is to use the technology, know-how, and financial resources within Altisource to grow new companies that will attempt to break into such markets as finance and real estate. The Luxembourg-based financial services giant opened a Boston outpost last year to tap the area’s engineering talent. So far, it has 160 employees in Boston and is looking for space to expand.
Schreck has a track record for launching successful ventures. He was a cofounder of local startups m-Qube and Upromise. He also helped start the Harvard Square venture capital firm General Catalyst Partners.
Now, as managing director at Altisource Labs, Schreck will test whether a corporation can be as innovative as a scrappy entrepreneur when it comes to building a business from scratch.
Schreck says Altisource has what it takes. “We’re a startup with a NASDAQ listing. That’s our culture,” he said.
What’s more, he said, ventures developed within the Altisource program will be equipped with the financial resources needed to go after massive industries such as finance.
“For a venture platform to play in that space is tough,” said Schreck. “It’s not a social media website. This is enterprise class software.”
To help with those efforts, Altisource Labs is growing fast and plans on hiring hundreds of engineers and other tech workers in the next 12 to 18 months.