Outgoing BrewDog boss James Watt has announced his new business venture, set to launch this summer.

The North-east businessman co-founded one of the UK's favourite alcohol brands in 2007, but called it quits on his time as CEO in May.

He's since announced plans for a new business venture and even hinted at buying a lower league football club.

And after keeping his cards close to his chest on his new venture, Watt has finally revealed all in a post on LinkedIn.

Social Tip

The entrepreneur's new venture, Social Tip, will be a "brand building space and will focus on building community and rewarding everyday people for genuine brand advocacy and love", he said.

Watt promised to share full details of the new business "very soon" and expects to launch "this summer".

His team of eight staff is already looking to expand to help him build a "remarkable company".

Watt had previously said he wants to emulate Elon Musk and other leading innovators by setting-up and growing multiple companies.

He said: “I love the business, I love the people, I love what we do. But I always wanted to build multiple businesses. The people I look to, most of them have built multiple amazing businesses.”

He revealed he found it "painful" to read Walter Isaacson’s recent biography of Elon Musk, despite being a ferocious consumer of business books.

“When I read what he’d done and what he achieved, I was frustrated at myself at not having done more and not having achieved more.”

'We need entrepreneurs'

Mr Watt has also previously hinted at his frustration about the way he and another business people are attacked by the media.

“The UK has got such a curious relationship with success,” Watt reflected.

“Look at how successful business people are portrayed in the media, then look at the fact that the UK has one of the worst economic performances of any developed country; those two things are intrinsically linked.

"We need entrepreneurs, job creation, innovation. But to grow small companies needs push, there has to be hard charging. For this country to compete they need entrepreneurs who are willing to take risks and put everything on the line.”

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