Singapore’s MediaCorp plugs into start-ups
Last month, Singapore’s largest media company announced the launch of a new strategic investment project targeting digital media start-ups. MediaCorp, which is owned by the Singapore government, is calling the project “The Mediapreneur,” and it is currently seeking applicants.
The Mediapreneur will consist of two components: an investment fund and an incubator programme. The investment fund is designed to assist start-ups in acquiring seed or “Series A” capital. The incubator programme will provide a live media environment where start-ups can test their ideas and concepts — a sort of trial and error simulator without any serious consequences.
The point of this is for entrepreneurs to learn what works and what doesn’t, and to gain some traction with their business model, so that they can be in a strong position to go to market at the end of the programme. The incubator programme will also involve mentoring by MediaCorp’s gurus, including Chief Technology Officer Joseph Igoe, Head of Strategic Planning Guillaume Sachet, and Head of Organization Development Joe Piamthipmanus.
In a recent press release, Mr. Sachet said:
“MediaCorp is embarking on a new tack to invest strategically in tech start-up companies that strengthen our core business. We are fully committed to nurturing and investing in start-ups with innovative and disruptive technologies, enterprising ideas and new business concepts in the digital media space, by providing MediaCorp expertise and marketing proficiency to empower entrepreneurs in their business plans and execution. Through brainstorming new business models and co-developing new technologies, we plan to strike a commercial partnership once the development is mature, anchoring ourselves in the digital media space.”
The incubator programme is, therefore, part of MediaCorp’s broader strategy for success in the new digital media marketplace. Cable and broadcast television, the traditional core of MediaCorp’s business, and even PC-based video viewing are steadily losing ground as consumers worldwide are doing more and more of their video watching on tablets and mobile devices.
Online video firm Ooyala recently reported that tablets and mobile devices accounted for a record 10 per cent of all online video viewing in the first quarter of 2013, and grew by 19 per cent over the previous quarter.
The Mediapreneur project follows on the heels of a flurry of investment activity recently undertaken by MediaCorp. Before announcing this project MediaCorp led a $40 million investment in luxury shopping site Reebonz and acquired a majority stake in online gaming site Cubinet Interactive.
With all of this activity, MediaCorp is demonstrating that it intends to be very aggressive in adapting to the modern media age. The Mediapreneur project is a novel approach to a problem that all large media companies are facing, and the progress of this project will be watched with interest. MediaCorp is looking for nine people, three groups of three, to take part in the Mediapreneur. Applications are due by July 31.
Last month, Singapore’s largest media company announced the launch of a new strategic investment project targeting digital media start-ups. MediaCorp, which is owned by the Singapore government, is calling the project “The Mediapreneur,” and it is currently seeking applicants. The Mediapreneur will consist of two components: an investment fund and an incubator programme. The investment fund is designed to assist start-ups in acquiring seed or “Series A” capital. The incubator programme will provide a live media environment where start-ups can test their ideas and concepts -- a sort of trial and error simulator without any serious consequences. The point of...
Last month, Singapore’s largest media company announced the launch of a new strategic investment project targeting digital media start-ups. MediaCorp, which is owned by the Singapore government, is calling the project “The Mediapreneur,” and it is currently seeking applicants.
The Mediapreneur will consist of two components: an investment fund and an incubator programme. The investment fund is designed to assist start-ups in acquiring seed or “Series A” capital. The incubator programme will provide a live media environment where start-ups can test their ideas and concepts — a sort of trial and error simulator without any serious consequences.
The point of this is for entrepreneurs to learn what works and what doesn’t, and to gain some traction with their business model, so that they can be in a strong position to go to market at the end of the programme. The incubator programme will also involve mentoring by MediaCorp’s gurus, including Chief Technology Officer Joseph Igoe, Head of Strategic Planning Guillaume Sachet, and Head of Organization Development Joe Piamthipmanus.
In a recent press release, Mr. Sachet said:
“MediaCorp is embarking on a new tack to invest strategically in tech start-up companies that strengthen our core business. We are fully committed to nurturing and investing in start-ups with innovative and disruptive technologies, enterprising ideas and new business concepts in the digital media space, by providing MediaCorp expertise and marketing proficiency to empower entrepreneurs in their business plans and execution. Through brainstorming new business models and co-developing new technologies, we plan to strike a commercial partnership once the development is mature, anchoring ourselves in the digital media space.”
The incubator programme is, therefore, part of MediaCorp’s broader strategy for success in the new digital media marketplace. Cable and broadcast television, the traditional core of MediaCorp’s business, and even PC-based video viewing are steadily losing ground as consumers worldwide are doing more and more of their video watching on tablets and mobile devices.
Online video firm Ooyala recently reported that tablets and mobile devices accounted for a record 10 per cent of all online video viewing in the first quarter of 2013, and grew by 19 per cent over the previous quarter.
The Mediapreneur project follows on the heels of a flurry of investment activity recently undertaken by MediaCorp. Before announcing this project MediaCorp led a $40 million investment in luxury shopping site Reebonz and acquired a majority stake in online gaming site Cubinet Interactive.
With all of this activity, MediaCorp is demonstrating that it intends to be very aggressive in adapting to the modern media age. The Mediapreneur project is a novel approach to a problem that all large media companies are facing, and the progress of this project will be watched with interest. MediaCorp is looking for nine people, three groups of three, to take part in the Mediapreneur. Applications are due by July 31.
