Modelled on similar venture capital start-up programmes, the initiative will dish out advice and funding but will crucially also offer products and partnerships with R/GA.
This will take the form of a 14-week program open to up to 10 companies drawn from fields such as VR, AI and interactive advertising, who will each receive $100,000 in funding and an innovation space in New York.
Paul Heitlinger, venture manager at Verizon Ventures, commented: “The idea is for Verizon to really get out there and see what’s going on in the market. What’s really compelling for the companies who participate is they get to work directly with Verizon’s business units. … They get access to our technologies, our networks, all behind-the-scenes stuff.”
The deadline for entrants seeking to participate in the studio has been set for 31 May, with the program commencing on 31 July.
Verizon Ventures previously provided funding to the tune of $5.5m for marketing tech firm Qualia Media.