Channel 4 will open the application process for its £50 million new 4IP digital investment fund at its own new “festival of ideas for technology and progress” in July. 2gether08 will be part hackday, part social policy conference, part party.

SEE ALSO: Channel 4 Starts £50 Million ‘4IP’ Digital Production Fund

The broadcaster’s new media losses more than doubled in 2007 on setup costs for its new web operations. It’s currently facing cash shortfalls following digital TV investment and is desperately to retain its public status, so in March it announced the new “4 Innovation for the Public”, a fund jointly operated with regional media development agencies and to which it has contributed £20 million.

In this video, new media director Jon Gisby says he’s looking at flashing some of that cash toward the summer: “We want to find (new people who want to make a difference), talk to them, learn from them and hopefully fund some of them to do some really interesting stuff.” Example: 4’s recent investment in School Of Everything.

Channel 4 invites ideas for funding from David Wilcox on Vimeo.