Diageo seeks to back drinks entrepreneurs

Diageo is on the lookout for start-up spirit companies and innovative brands in a bid to help find the next big drinks idea. The ‘Distills Ventures’ initiative, developed in partnership with Independents United, aims to provide marketing advice and funding to drinks industry entrepreneurs. This could allow the company to take a stake in the most promising new product developments.
Syl Saller, chief marketing officer of Diageo, comments, “There is a remarkable entrepreneurial spirit in the drinks sector right now. We are seeing some brilliant new brands being born and built that are achieving commercial success. Our joint commitment to ‘Distill Ventures’ will nurture, develop and grow the ideas and the people to create the pioneering premium spirits brands of the future.”
Five companies will initially be awarded between £150,000 and £200,000 as part of a seed programme which will focus on helping companies develop core business skills to get their product fully developed and launched while a growth initiative will launch next year that allows investment of up to £2m per brand.