The Venice Film Festival's red carpet was festooned with balloons Sunday to mark the lifetime achievement award for director and producer John Lasseter and his crew of Pixar directors. They were rewarded for their work creating a new generation of childhood memories populated with Nemo, Woody and Sulley. It is the first time in festival history that the award honors not just one filmmaker but an entire studio. Pixar, founded in 1986 and based in northern California, pioneered digital computer animation and has made 10 feature films to date, four of which have won Oscars since the animation category was introduced in 2001. “We really set out to deeply entertain an audience, not just children but adults as well,” Lasseter told reporters Sunday. Lasseter said he was “tremendously honored” that the festival chose to give the award to the team of five Pixar directors, including Brad Bird (“Ratatouille” and “The Incredibles”), Pete Docter (“Up” and “Monsters Inc.”), Andrew Stanton (“Finding Nemo” and “Wall-E”), and Lee Unkrich (“Toy Story 3”). Lasseter directed the first two “Toy Story” movies and “Cars.” Lasseter posed with life-size Carl and Russell, the stars of Pixar's latest runaway hit “Up” before receiving the Golden Lion from George Lucas, who helped launch Pixar. “I think anybody else when they sell a company and the company goes on to be very successful, they would feel like they missed out,” Lasseter said. “George Lucas is so proud of us and we are so thankful to him. He is a true visionary.”