Venture Studios announced the launch of its first industry vertical Venture Studios programs for Financial Services, Automotive, and Media. The program names Peter Aceto, formerly President and CEO of Tangerine (formerly ING DIRECT) as Executive-in-Residence, and Farid Kassam, Owner of Akeelee, as Entrepreneur-in-Residence to oversee the ideation and development of disruptive technology for the Financial Services program, and to advise both startups and corporate partners. Additional Executives-in-Residence and Entrepreneurs-in-Residence will be named for the Automotive, Financial Services and Media programs in the coming weeks.
“These two key hires bring decades of experience leading successful corporations and startups,” said Kirstine Stewart, President and CRO, TribalScale. “We are excited to see what their guidance and expertise will bring to our Financial Services studio participants.”
Peter Aceto brings over 20 years of experience to Venture Studios. Peter was a founding member of Tangerine (formerly ING DIRECT), ING Group’s innovative direct banking business. Prior to his appointment as President and CEO of Tangerine, Peter held the posts of Chief Sales & Marketing Officer, Chief Risk Officer, and Chief Lending Officer at ING DIRECT in the US. Peter’s leadership proved instrumental in the 2012 $3.1 billion acquisition of ING DIRECT by Scotiabank.
“Throughout my years serving at the executive table, I’ve seen first-hand how a lack of corporate innovation can alter a company’s success overnight. I’ve made it my mission to bring entrepreneurs, institutions and companies together to bring innovative ideas to life. TribalScale Venture Studios is providing that same opportunity and creates a holistic approach to innovation. I’m excited to roll up my sleeves and work with the Financial Services companies in this program,” said Peter Aceto, Executive-in-Residence, TribalScale Financial Services Venture Studio.
As an Entrepreneur-in-Residence in the Financial Services program, Farid Kassam will work with the Venture Studios team on due diligence of potential ideas and companies, and provide guidance on product commercialization, business strategy, financing, sales and marketing. Mr. Kassam is a seasoned technology entrepreneur with over 20 years of experience building and scaling startups from inception to successful businesses in the Financial Services, Telecommunications, Media, and Healthcare industries.
Venture Studios is accepting applications from entrepreneurs with idea-stage or seed-stage startups. Successfully accepted AI, Blockchain, and Voice companies will be provided a target of $500,000 in cash and in-kind services, with potential additional follow-on capital available from TribalScale’s follow-on funding pool, and network of co-investors.