TribalScale Launches USD 100 Million Venture Studios Program To Create Global AI, Voice, and Blockchain Startups
(3 months ago)
TORONTO, Feb. 12: TribalScale, an innovation firm creating first-class digital product strategy, design, and development, announces the launch of TribalScale Venture Studios, a USD 100 million, 5-year program that partners with entrepreneurs to create disruptive startups.
A new model for powering corporate innovations labs, Venture Studios will connect entrepreneurs with Fortune 500 companies to create industry-specific startups based on innovative technologies.
TribalScale is the largest investor in the $100 million program, with significant participation to come from corporate, institutional, and value-add angel investors.
"We built this platform from the ground-up based on our entrepreneurial experience and corporate rolodexes. All great entrepreneurs should have access to this - we are flipping the model and unfairly stacking the deck in their favor," said Sheetal Jaitly, CEO, TribalScale. "Venture Studios supercharges the best ideas, gets them, captive customers, early, and takes them globally from day one."
Venture Studios will launch with four industry vertical programs in Financial Services, Automotive, Media, and Travel & Hospitality, representing a broad selection of TribalScale's client base. Venture Studios is accepting applications from entrepreneurs with idea-stage or seed-stage startups. Successfully accepted AI, Voice, or Blockchain companies will be provided a target of $500,000 in cash and in-kind services, with additional follow-on capital available from TribalScale's follow-on funding pool and network of co-investors.
"Over the past decade, enterprises have invested heavily into corporate innovation labs. The question is, where should the next hundreds of billions of dollars of budgets be spent to level up enterprise innovation output? We believe the next model for innovation labs should leverage innovation from both inside and outside of an enterprise. To truly achieve innovation DNA within their ranks, enterprises need to leverage the smarts and hustle of great entrepreneurs, and they need strong platforms and processes from partners like TribalScale. That is what Venture Studios is all about," said Roger Chabra, Chief Innovation Officer, TribalScale.
"Venture Studios has assembled a strong team made up of entrepreneurs, executives, and technologists," said Kirstine Stewart, recently-appointed President & Chief Revenue Officer at TribalScale. "Collectively our team has invested in or sat on the boards of dozens of startups over the past twenty years, achieving many successful exits. This team has 'been there and done that' and are experts in conceiving, building, and scaling disruptive digital ideas."
Since 2016, TribalScale has partnered and worked with early-stage entrepreneurs on their ideas. Startups including Vouchr, AskTheDoctor, and WorkTango continue to leverage the TribalScale platform. In 2017, TribalScale expanded its focus to include the ideation and scaling of startups, including Decibal, an AI and Voice-based platform; Every Financial, a company re-imagining banking services for small business; and a ground-breaking Mobile retail experience for a Billboard chart-topping musician. The launch of Venture Studios today is the culmination of these experiences and signifies TribalScale's commitment to the entrepreneurial community.
In keeping with corporate values at TribalScale, the executives behind Venture Studios are donating 5% of profits to leading diversity and charity causes. Initial partners in this regard are #movethedial, a movement dedicated to increasing the participation and advancement of women in technology, and the Upside Foundation, a platform that enables technology companies to share future financial upside with charities.
A number of employment opportunities are available on the Venture Studios team, including Entrepreneurs-in-Residence (EIRs), Product Managers, Designers, and Developers.