TIF Labs will explore venture opportunities for the group, including potential acquisitions and future partnerships. It will also develop new technology and data innovations.

Richardson (pictured) founded The Insights Family in 2017 and, as chief executive, oversaw international growth for the business. He stepped down from the chief executive role in 2022 after a restructure and has since focused on marketing, product and innovation work.

The Insights Family secured a £5.6m investment through a funding round led by BGF earlier this year.

Richardson said the move would offer the ability to “explore other opportunities to build and protect the company’s IP and diverse future revenues, while The Insights Family leadership team focus on delivering our plans”.

Simon White, chair at The Insights Family, said: “In recognition of Nick’s talents and to ensure we continue pushing the boundaries of innovation, TIF Labs will serve as a dedicated space to explore non-BAU innovation opportunities and drive creative thinking for the future of our business. We’re very excited about what may emerge from this for our future.”