ITV to set up mentoring and investment programme to develop young talent
ITV is establishing a new mentoring and investment programme to meet the changing “needs and expectations” of young people.
Studio 55 Ventures will offer training and support to young media entrepreneurs, as well as funding of £10,000 per team.
ITV has said it hopes the new programme will “create radical new businesses and experiences that will shape the way the next generation consumes media”.
It also aims to break down the barriers to starting a media company, which will open doors to diverse talent.
The broadcaster is looking for eight teams of entrepreneurs, who have ideas that are “deeply ambitious, unique and can use ITV’s existing audiences, assets and data to be successful”.
They will receive funding, training and mentoring, leading to a pitch for long-term investment to ITV chief executive Dame Carolyn McCall and entrepreneurs Graham Cooke and Brent Hoberman.
ITV will eventually 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.
Dame Carolyn said: “Since 1955, ITV has created fantastic content which has entertained millions and shaped popular culture.
“Studio 55 Ventures will help us continue to do that for another 65 years. Investing in people with the passion, vision and drive to ensure ITV remains loved by younger generations is core to our future, so I’m delighted to be launching this programme.
“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.”