The venture capital company behind The Life of Pi plans to launch a programme to make seed investments of at least £2.25 million into the best media and creative start-ups in Yorkshire as also other parts of the UK.
Ingenious Ventures has launched its Ingenious Seed Investment Programme to make 15 payments of £150,000 to the start-ups by September, with capital already raised from the EIS fund of the company.
Starting next week, the team would travel to meet founders of start-up companies at technology and innovation hubs across the country.
Entrepreneurs would get an opportunity to present their ideas, meet investors and also receive tips before applying online. The team would visit Sheffield and Leeds as part of their national tour.
Sectors would include consumer, technology, e-commerce, gaming, fashion, design, audio-visual content and publishing.
Companies shortlisted for selection during the process would be eligible for a further funding of £1 million from the EIS fund as early as January 2014.
The programme is part of Ingenious with investment to date of £8-billion or more in creative products and businesses, from Avatar and Life of Pi to music guru Simon Fuller’s 19 Entertainment and global dance music operator Cream.
According to Inenious, media industries accounted for 6 per cent of the GDP of the UK and employed more people than the financial and professional services industries.
According to Patrick Bradley, CEO of Ingenious Ventures, for 15 years, Ingenious had been the engine for the media and creative industries and had already raised and deployed over £8 billion in the sector. He added, through the programme the company was continuing to stand behind the top emerging creative talent the UK has to offer.
The £2.25 million fund would aim to back 15 ventures qualifying for the seed enterprise investment scheme (SEIS).
Bradley said the firm had already raised and invested £8 billion in the media and creative sectors during the last 15 years.