ITV has announced Studio 55 Ventures – a new collaboration with Founders Intelligence that will seek to invest in new business ideas aimed at materially enhancing ITV’s reach amongst 16-34 year olds.
Applications will open for teams of people, from both inside and outside ITV, to apply for the chance to create and scale a business within ITV, with an objective to appeal to a young audience demographic and a potential to reach a multi million pound profit revenue within three to four years.
ITV sais they are seeking business propositions that are “deeply ambitious, unique, solve identifiable consumer needs, leveraging ITV’s unparalleled reach amongst commercial audiences, as well as its wealth of audience insight and viewing data”. The ideas should also draw upon ITV’s existing assets within marketing, media and branding in order to gain market advantage.
The scheme aims to provide opportunities for talent from diverse backgrounds, as well as people affected by the challenges of the current pandemic, offering aspiring entrepreneurs the chance to build a business without the risks of doing it independently.
ITV is looking for eight teams of entrepreneurs, who will be given £10,000 per team for joining the Studio, and then a programme of training and mentoring from ITV Executives and Founders Intelligence, and access to ITV’s network of strategic assets and contacts. This will culminate in a pitch for long-term investment to ITV CEO Dame Carolyn McCall, alongside top UK entrepreneurs Graham Cooke and Brent Hoberman CBE.
ITV is partnering with Founders Intelligence, the strategy and venture creation arm of Founders Forum, who will be bringing their entrepreneurial expertise, venture capital network and corporate venturing experience to give teams the greatest chance of success.
ITV will ultimately select a small number of businesses in which to materially invest and scale, with members of the successful teams invited to join ITV full time.
ITV CEO Carolyn McCall said “Since our beginning in 1955, ITV has created fantastic content which has entertained millions whilst reflecting and shaping popular culture. We want to continue to do so in the future and Studio 55 Ventures will help us achieve that goal. Investing in people with the passion, vision and drive to ensure ITV remains relevant to younger generations whilst giving us insights into how to evolve in the future is an exciting step forward for ITV. Working with Founders Intelligence will enable us to take this bold step and deliver our strategy of transforming ITV into a digitally led media and entertainment company.”
Founders Intelligence CEO Rob Chapman said “This is an incredible opportunity for the media leaders of tomorrow to supercharge their careers. ITV’s vision will enable so many people to pursue their dream by smashing barriers that they face in starting a company – access to investment, mentorship, assets, data and financial security. We couldn’t be more excited to meet and support the incredible talent who’ll become part of this.”