M13 and P&G to Partner on Consumer Innovation Incubator
Feb 21, 2019, 13:15 ET
LOS ANGELES, Feb. 21, 2019 /PRNewswire/ -- P&G Ventures, an internal startup studio within The Procter & Gamble Company (NYSE:PG) and M13, a full-service venture firm, have announced a partnership in creating a new build studio within M13. This collaboration will leverage expertise in P&G's consumer-inspired innovation and concepts and M13's robust brand expertise, incubation capabilities, and funding to help accelerate the growth of selected consumer businesses. The build studio will incubate and develop products and/or services into sustainable businesses that eventually could be folded back into one of P&G's six sector business units.
"P&G Ventures partners with entrepreneurs to discover and create brands and businesses that solve consumer needs in new categories for P&G. We're excited to bring together these strengths with M13's entrepreneurial agility and expertise in launching and growing DTC consumer businesses," says Leigh Radford, VP and General Manager for P&G Ventures. "We believe by combining the best of both worlds - established consumer insights and R&D with leading edge DTC business strategies we will accelerate the growth of the brands created by P&G Ventures."
"The venture world has an opportunity to better support founders. Despite massive innovation and disruption that has fundamentally changed how we live and work today, the money and methods fueling that change have evolved very little," said Carter Reum, co-founder of M13. "This partnership with P&G represents another opportunity for M13 to carry out its mission to craft, develop, and work alongside founding teams by providing alternatives for founders to grow and fund their businesses." The build studio will develop a robust portfolio of businesses that are anchored on a few key principles:
- Emphasis on crafting and developing the right founding teams, as believers in the vital role of founders and obsession with ensuring their success
- Utilizing M13's network access and proprietary playbook, which arms incubated companies with unfair advantages and the capabilities to make better day-to-day decisions
- Experimentation and learning, creating agile teams to consistently test, learn and adapt operating models to changing consumer preferences and new technologies
M13 and P&G Ventures will soon release more information on the first brands to be launched out of the build studio.
M13 believes founders deserve an investment partner who will propel them on their mission of transforming an idea into a successful company. M13 is building a full-service venture firm that provides the platform for founding teams to create and develop high-velocity businesses. The venture engine combines an unparalleled network of experts and entrepreneurs with a repeatable system to propel the trajectory of high-performing teams.
SOURCE M13 Ventures
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