Victoria Powell Forms Initiative for London-Based Producers

LONDON: Veteran TV executive Victoria Powell has launched a new accelerator program for independent TV production companies based in London.

Titled Indielab, the initiative will offer up to 15 outfits an opportunity to pitch for up to £2 million ($3.1 million) in private equity investment per company and high-level training from industry leaders. Through a series of master classes and workshops, the indies will gain insight and business training. Topics will include how to navigate changing market trends, producing for the international market, developing a strategy and investment toolkit and pitching for equity investment

Production companies will be able to apply to the program via the Indielab website as of December, with successful applicants announced in January. To be eligible, the indies must be based in London with up to £5 million ($7.7 million) turnover and currently producing programming for U.K. broadcasters. The program will take place over a three-month period, from March to May 2016.

The mayor of London, the London Enterprise Panel and Creative Skillset’s High-End TV Skills Levy, which contributes to the Skills Investment Fund, back the initiative.

“We are delighted to be working with the Mayor of London, the London Enterprise Panel and Creative Skillset on this important new initiative,” said Powell, who has produced a raft of award-winning film and TV content across factual, drama and online. “At Indielab we want to address the funding gap for U.K. indies who wish to scale their businesses. Too many indies feel they have to sell-out whilst still young, or hock their rights to survive. There are many players who have come into the market in the last few years, seeing the opportunity to hoover up indies whilst they are small and cheap. Too often these deals are punitive for producers, and clip their wings too early."

She continues: “We’re opening a door to a network of individual private investors, keen to invest in the media sector, and work with Indies across all sectors of the community and genres to achieve their potential, whilst they retaining all their rights and IP. We’d like to help grow the next U.K. super indies.”

Mayor of London Boris Johnson added: “It’s important to nurture emerging talent and people with ideas if London is to remain a key center for TV production and other creative and tech sectors. The Indielab accelerator program will help budding TV production companies in the capital, by giving them access to advice and support from seasoned professionals, plus much-needed investment. As well as helping them realize their ambitions, we want to ensure London remains at the forefront of this increasingly competitive sector.”

Ruth Palmer, the partnership manager of Creative Skillset, remarked: “Creative Skillset is delighted to support this program. It’s really important for us that when providing opportunities for small and start-up indies across all sectors and genres, we are able to support BAME-led drama indies, to develop and succeed in an increasingly competitive TV market. We look forward to seeing some really strong applications to the program.”