UK-based broadcasting and media group ITV has launched an accelerator and corporate venturing unit called Studio 55 Ventures in partnership with innovation consultancy Founders Intelligence.
Studio 55 Ventures will provide £10,000 ($12,900) to each of eight startups developing technology or concepts that could help strengthen ITV’s appeal to audiences agred 16 to 34 years old.
Portfolio companies will work with the broadcaster to scale up their operations, aiming to secure a turnover of $1.3m or more within four years. ITV will look to acquire or make further investments in selected participants, with team members potentially joining the company as full-time employees.
The corporate claims 80% of 16 to 34-year-olds in the UK have registered to use its on-demand video content platform, ITV Hub.
Carolyn McCall, chief executive of ITV, said: “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.”