Best Buy launches innovators program

Photo: Business Wire

Best Buy has announced the launch of Ignite, a program that supports innovators and entrepreneurs. Ignite is a way for the consumer electronics company to get some of the newest and most inventive products into the hands of shoppers more quickly.

The program includes dedicated store space for products and services from startups; a new section in the online store for product information and purchase; and a partnership with PCH, a product innovation company that works closely with startups to get products out faster and at a lower cost.

The announcement comes just weeks after Best Buy celebrated its 50th anniversary with 50 hours of sales.

RELATED: Best Buy celebrates 50th with strong sales, new concept

The relocated Best Buy store in Mountain View, California hosts a new Ignite space, designed to give customers a place to learn about new products in the tech market.

Currently, the Ignite space features three experiences: First, a selection of crowd-funded gadgets, including the Noke Bluetooth padlock and a RoBo 3-D printer. Second, wearable technology showcasing Under Armour. Third, an audio display with Muzik, smart and connected headphones, and wireless smart earphones.

For shoppers unable to go into the Mountain View store, products are also showcased on BestBuy.com.

Going into the holidays, the company is hoping that its new platform will help it outpace last year's poor sales performance. In 2015, comparable store sales fell 1.4 percent during the holiday season and revenue declined 0.8 percent to $10.1 billion, lowering the sales guidance for the fourth quarter.

RELATED: Best Buy's bad holiday

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