ITV has launched Studio 55 Ventures, a new scheme that will build entrepreneurial teams to create media and entertainment businesses that appeal to the 16-34 year-old demographic.

Studio 55 Ventures is a collaboration with Founders Intelligence, and is seeking applications from teams of people, from both inside and outside ITV, to create and scale a business within the commercial broadcaster.

ITV is looking for business propositions that are highly 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 scheme aims to provide opportunities for talent from diverse backgrounds, as well as people affected by the challenges of the current pandemic, offering emerging entrepreneurs the opportunity to build a business in a relatively low-risk way.

Eight teams of entrepreneurs will be given £10,000 per team for joining the Studio, and will then undergo a programme of training and mentoring from ITV executives and Founders Intelligence, with access to ITV”s network of strategic assets and contacts. This will culminate in a pitch for long-term investment to ITV CEO Carolyn McCall, alongside UK entrepreneurs Graham Cooke and Brent Hoberman.

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.

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.”

Click here for further details of the scheme.