ITV searches for business ventures targeting 16- to 34-year-olds

Broadcaster has set up Studio 55 Ventures for the project.

Love Island: previous winners Paige Turley and Finley Tapp
Love Island: previous winners Paige Turley and Finley Tapp

ITV plans to invest in media and entertainment businesses that target 16- to 34-year-olds as it launches an initiative to search for ideas.

Studio 55 Ventures, a collaboration with entrepreneurial consultancy Founders Intelligence, is open for applications for business ideas that have a potential to achieve multimillion-pound revenues within three to four years.

Applications are open to those working within ITV as well as externally.

The broadcaster will choose eight teams of entrepreneurs, each of which will be given £10,000 to join Studio 55 Ventures and take part in training and receive mentoring from ITV executives and Founders Intelligence.

At the end of the programme, the teams will pitch for long-term investment to ITV chief executive Dame Carolyn McCall, alongside entrepreneurs Graham Cooke and Brent Hoberman CBE.

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."

ITV said that 80% of 16- to 34-year-olds in the UK are registered on its video-on-demand platform ITV Hub, and Love Island is the most-watched show among the demographic across any channel.

Founders Intelligence chief executive Rob Chapman added: "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."

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