The venture capital group behind The Life of Pi film is launching a programme to make at least £2.25m available to the best creative and media start-ups in the UK.
Ingenious Ventures has started its Ingenious Seed Investment Programme to make 15 payments of £150,000 to the start-ups by September 2013. Capital is already raised from the firm’s EIS fund.
From next week, the team will travel around the country to meet founders of start-up companies at technology and innovation hubs. Entrepreneurs have an opportunity to showcase their ideas, meet investors and receive advice before applying online.
Sectors eligible include e-commerce, technology, gaming, fashion, design, publishing and audio-visual content.
Those companies chosen for selection during the process will qualify for a further funding of £1m from the EIS fund as early as January 2014. The programme is part of Ingenious which has invested £8bn or more in businesses and creative products, from Avatar and Life of Pi to music guru Simon Fuller’s 19 Entertainment and global dance music operator Cream.
It says the media industries account for 6 pc of the UK’s GDP and employ more people than the professional and financial services industries.
CEO of Ingenious Ventures, Patrick Bradley said: “For 15 years, Ingenious has been the engine for the media and creative industries; we have already raised and deployed over £8bn in the sector. Through the programme we are announcing today, we are continuing to stand behind the top emerging creative talent the UK has to offer.”
Mr Bradley said funding 15 great ideas in three months is a challenge, but they’re confident the ideas are out there. He said the sector is an under tapped source of fast-growth businesses founded by “innately entrepreneurial, ambitious and inventive individuals.”
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