The partnership, dubbed “Mission Studio,” will tackle such problems a halving obesity rates, loneliness and aims to slash household carbon emissions by 28%. The venture builder will support Nesta’s broader 10-year mission objective to help people live healthier lives and create more sustainable futures. It will aim to generate three new startups a year until 2024.
It will also aim for 50% women founders, 35% founders from minoritised ethnic backgrounds and 15% from lower socioeconomic backgrounds.
Claire Morris, chief studio officer at Founders Factory, said:
Central to this is our “Diversity by Design” strategy and we’re proud the Mission Studio is uniquely placed to empower more diverse founding teams. As a venture builder, we can provide bespoke operating support, mentorship and the ability to earn a salary while founders build their business — essentially overcoming many of the barriers to entry that diverse groups often face.
Matt Seden, Nesta’s chief strategy officer, said:
At Nesta we’ve set ourselves ambitious “moonshot’ goals,” tackling some of society’s most urgent and intractable problems through innovation … We were attracted to Founders Factory’s commitment to improving diversity in new ventures and can’t wait to unlock the power of a market-leading venture builder to bring about a healthier life and a more sustainable future for thousands — potentially millions — of people.
The move follows Founders Factory’s recent launch of its Sustainability Seed Program aimed at creating sustainability and climate-tech startups.