Mark Carnegie on the next big media idea
Investor Mark Carnegie has launched a search for startup ideas he can potentially invest in.
The first Carnegie’s Den project – focusing on media and marketing ideas – will be run in conjunction with Mumbrella.
Carnegie – whose investment capital firm M.H. Carnegie recently launched a $120m innovation fund – joined Mumbrella for a live video hangout to talk about what he will be looking for as a potential investor.
Carnegie is best known for his investment, along with former adman John Singleton, in Macquarie Radio Network, which owns Sydney talk radio station 2GB. The duo also have a stake in creative agency Banjo Advertising and a small investment in Fairfax Media. Carnegie is also a former chairman of STW.
Carnegie’s Den will see contestants pitch their idea live to a panel of judges including Carnegie, Singleton, Network Ten chief digital officer Rebekah Horne and Mumbrella editor-in-chief Tim Burrowes.
The judges are particularly interested in media ideas based in new technology. Carnegie’s new innovation fund is aimed at helping identify and nurture local technology start-ups.
The winner will receive coaching from one of the judges and a follow-up meeting with Carnegie and his team to pitch for investment.
In order to compete, entrants are asked to provide a 500 word summary of their idea via the Carnegie’s Den entry page before the closing date of October 11. Ten finalists will be announced on October 18.
They will be invited to present to the judges at an invitation-only final at Carnegie’s Darlinghurst home “The Church” on October 24.
Entrants do not surrender any of their rights to the idea by participating in the contest.
Watch a video replay of Mumbrella editor Tim Burrowes’ video chat with Mark Carnegie:
This is the second such event by M.H. Carnegie & Co aimed at investing in early stage startups that would not otherwise be identified through the traditional channels.
Carnegie said: “Given my history in media, the network surrounding M.H. Carnegie & Co. and the success we have had with investments such as Macquarie Radio Network, Banjo Advertising, One Big Switch and Inception Digital, it is clear that we are well positioned to create successful media start-ups in Australia.”