UK broadcaster Channel 4 is set to remake hit CNBC show The Profit.
The first international adaptation of the business reality show will be hosted by Eric Collins, CEO of venture capital firm Impact X Capital Partners which invests in underrepresented entrepreneurs across Europe.
The show will follow the Alabama native, who is now resident in London, as he offers his expertise and capital investment to four small British businesses struggling to stay afloat in the wake of the pandemic and turnaround their fortunes.
Collins will spend time in each company immersing himself into every aspect of their day-to-day operations, challenging the business owners on their goals and how they plan to survive the toughest economic climate Britain has experienced in generations.
“The Profit UK on Channel 4, is giving me another opportunity to see unique deal flow and use the power of my experience, capital, network, and other resources to help business owners transform their companies into investable gems.”
The entrepreneur, who has developed a reputation as someone who is not afraid to ask tough questions, will force the companies to face some hard truths as he uncovers key facts about the business.
With his long track record of quickly spotting where both problems and opportunities lie for businesses Collins will make an offer of investment. However, any offer of funding will be dependent on him taking control of the company and making significant changes to how it is run.
The show will document whether these changes give them a much better chance of success.
Following an announcement about the new series Collins said that “even previously successful businesses are facing unprecedented challenges” as a result of the pandemic and that he was passionate about using “my 20 plus years of experience as a businessman and investor to help some companies navigate through these turbulent times.”
Eric Collins Bloomberg Quicktake Now interview
Speaking exclusively to UrbanGeekz, Collins, a Harvard Law School grad, said: “The low rates of institutional investment in underrepresented entrepreneurs, especially black women, is a market inefficiency. What I have learned throughout my career is identifying market inefficiencies and investing where others don’t see the potential is where outsized returns are possible.”
He continued: “The Profit UK on Channel 4, is giving me another opportunity to see unique deal flow and use the power of my experience, capital, network, and other resources to help business owners transform their companies into investable gems.”
Collins, a serial entrepreneur, investor, and technology executive, has helped transform and build the value of digital companies such as AOL, MobilePosse, Micro SwiftKey, and Touch Surgery through innovative strategies.
His business acumen and unrivaled connections have seen him invited to join former US President Barack Obama’s Small Business Administration’s Council in the White House.
The company is a double bottom-line venture capital firm that invests in under-represented innovators in Europe, focusing on growth-stage companies in three distinct sectors: digital and technology, health, education and lifestyle; and media and entertainment.
Nick Parnes, the Executive Producer for Kalel Productions, the production company behind the show, said he believed viewers will warm to Collins.
The Profit will air on Channel 4 later this year.