Zynga Inc (NASDAQ:ZNGA)’s founder and ex-CEO Mark Pincus, who stepped down from the office after revenues of the company remained stagnant, has started a new incubator dubbed Superlabs for the purpose of funding start-ups. The title of CEO and the day-to-day responsibilities handled by Pincus at Zynga have been relinquished to Don Mattrick, formerly head of the games business of Microsoft.
Pincus not disclosing his ideas
Pincus, who is still the chairman of Zynga, has been mulling over few ideas for quite some time now, and now some of these concepts will be funded by the incubator established by him in San Francisco. The information has been provided by Kara Swisher of Re/code, who dubbed the business as the Pincubator. Pincus has come up with a number of ideas, and in order to convert them into reality he is hiring a handful of skilled engineers, but none of the ideas have been disclosed by him as yet.
In 2011, Zynga went public at $10 a share and after this Pincus became a multi-billionaire. The fact that the stock price of the company has sunk to $2.35 a share has led to a respective decline in the valuation of Zynga and the net worth of Pincus. Despite this, the ex-CEO still has sufficient money to invest.
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Pincus still involved with Zynga
Pincus still spends a good bit of time on Zynga as its Chairman, but after Mattrick joined in as the CEO, he gave up his role of the chief product officer. Pincus describes his experience of working with Zynga engineers on product ideas as one of the most “fulfilling career experience I have ever had.” Describing his day-to-day job, the Zynga founder told Venture Beat that he used to work on bringing the ideas, created by working with ‘brilliant product teams,’ to the market. Less work of this kind is done by him now, but he still has ideas that he wants to explore.
“It’s really to house the projects where I can incubate my own ideas,” Pincus said about his new project, and added that his incubator is different from the traditional ones like Idealabs. “If I can introduce one breakthrough consumer product in the next five years, I would be really happy,” the Zynga founder said.
In premarket trading Friday, Zynga shares were up 9.75% to $2.59.