Want to build a business from scratch?
Get excited about managing P&L?
Do you excel at developing successful pivot strategies and managing burn rate? (Coincidentally, two of Barbara Corcoran's most despised words.)
You might be a great fit for Walmart. Check out their job posting for CEO. You'll need 10 years of experience, preferably in the technology or e-commerce space.
But here's the catch: The company is top secret. The job posting is for a Walmart-backed company that's in stealth mode. The location is listed as Hoboken, New Jersey.
The CEO position is posted on Store No. 8, which is Walmart's incubator. There are currently three companies in its portfolio: Jetblack (personal shopping service over text message), Spatialand (a virtual reality startup), and another top-secret one called Franklin, which is being led by a Google alumna.
So what could the yet-to-be-disclosed Walmart company be? It's anyone's guess. But Walmart's overall strategy is pretty clear: Beat Amazon at their own game and come out on top in the retail wars.
Last year Walmart outbid Amazon to purchase FlipKart, an Indian electronics commerce company. They paid $16 billion for a 77 percent stake. Walmart also purchased Jet.com in 2016 to build their online e-commerce dynasty.
And now, it's clear that Walmart is also going all-in on building startups from scratch. It's why store No. 8 exists.
The story behind Store No. 8
Walmart introduced their incubation arm about two years ago. Here's how Katie Finnegan, the CEO of incubator company Spatialand, described what Store No. 8 does in a blog post.
We're a standalone incubation arm within Walmart, which means we get to do things from a unique position: Not only do we have the benefit of Walmart's vantage point into the heart of America, but by operating somewhat apart from the corporation, we have the freedom to develop new ideas that can thrive outside existing definitions of retail.
In other words, leverage Walmart's knowledge of how customers shop without getting bogged down by the company's size. Walmart is currently the biggest retailer in the United States.
Store No. 8's head of strategy has previously said they're targeting five portfolio companies by the end of 2019. By hiring up for portfolio company number four, it appears they're well on their way towards achieving that goal.