P&G starts new studio to incubate and develop products

P&G Ventures, an internal startup studio within The Procter & Gamble Company (P&G) and M13, a full-service venture firm, will be creating a new build studio within M13. According to the media release, the build studio will incubate and develop products or services into sustainable businesses that could eventually be folded back into one of P&G's business units.The collaboration leverages 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. M13 and P&G Ventures will soon release more information on the first brands to be launched out of the build studio.P&G Ventures vice-president and general manager Leigh Radford said the company is excited to partner entrepreneurs to discover and create offerings that solve consumer needs in new categories. "We believe by combining the best of both worlds - established consumer insights and R&D with leading edge Direct-To-Consumer business strategies, we will accelerate the growth of the brands created by P&G Ventures," added Radford.The research and development will have an emphasis on crafting and developing the right founding teams as well as experimentation and learning to consistently adapt operating models to changing consumer preferences and new technologies. It will also utilise M13's network access and proprietary playbook, which arms incubated companies with advantages and the capabilities to make better day-to-day decisions.