The studio will explore the data value exchange between brands and consumers
R/GA Ventures and Interpublic Group announced the launch of the R/GA Data Venture Studio, a groundbreaking collaboration designed to help organisations engage and innovate in a digital landscape driven by data.
Corporate use of data is at an inflection point. As the opportunities to use data to drive business increase, so do public expectations of how that data is used. Consumers demand greater control of their data, require more transparency, and expect a more equitable experience when engaging with brands and data-powered platforms. This emerging paradigm creates market opportunity and market risk. A company’s position on data is now a vital indicator of business and brand health.
The R/GA Data Venture Studio is structured to help established companies identify and execute against gaps in their model while enabling data-driven innovation that is both ground-breaking and responsible. Areas of focus will include Privacy Technologies, AI, and companies with new business models designed to empower companies and consumers equally.
Studio corporate partners will have the opportunity to explore and test solutions in a risk-controlled environment, including pilots with leading startups and collaborations with other Studio partners. The Studio will also operate quarterly round table sessions with exclusive thought leadership content and startup demos organised around relevant topics.
The Venture Studio will operate in partnership with R/GA’s parent company, Interpublic Group. The chief operating officer of IPG, Philippe Krakowsky, will participate as an active adviser on strategic aspects of the program.
“Innovations in data and technology have the potential to unlock outsized, unexpected value for consumers and brands,” said Sean Lyons, global chief executive officer of R/GA. ‘We’re incredibly excited to partner with clients, partners, and startups to identify the next stage of what’s possible.”
“Companies are increasingly looking to use their own first-party data, coupled with other strategic data sets, to create seamless, relevant and connected consumer experiences, at scale. What’s more, this needs to take place in a way that’s based on data that is ethically sourced and consciously deployed. What’s most exciting about this Venture Studio is that it will allow us and our clients to identify and support companies that are innovating in this important space,” commented IPG’s Philippe Krakowsky.
The Studio is a global initiative but will be hosted at R/GA headquarters in New York. Studio Partner collaboration will begin in December 2019.