The programme is being compared to Lord Alan Sugar's hit BBC reality series The Apprentice and will feature Reed investing £1 million in the best entrepreneurial ideas.
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Reed's show, which has the working title Be Your Own Boss, is searching for "groups of friends with killer ideas, hungry for a shot at a life-changing investment".
"Setting up and running Innocent with my friends has been a life-enhancing adventure," said Reed. "That's why I'm excited to be part of this new series giving others the chance to have the same experience, starting their own business and setting them up to become successful entrepreneurs."
The show will launch with a test of entrepreneurial skill, which will see the 500 best applicants challenged to turn an investment from Reed into profit.
BBC Three's Zai Bennett said: "Richard is one the UK's most successful young entrepreneurs so we're delighted that he will offer the BBC Three audience not only the benefit of his experience, but also risk his own money as he offers them the chance to follow in his footsteps in Be Your Own Boss."
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