Next 15 has launched Project Warhol, a $2 (£1.6) million fund aimed at helping employees, which includes staff at agencies such as Lexis and Text 100, develop new ideas into viable businesses, products or services by providing them with the investment and support needed to succeed.
Ideas for products, services or businesses must be commercially feasible and appeal to a high percentage of Next 15 clients.
With Project Warhol, Next 15 aims to remain at the forefront of marketing technology innovation, investing in people and ideas that can revolutionise the industry.
Employees with potential ideas are required to submit a description of the concept and how it might work, its viability based on market conditions and the reason they think it deserves support.
The ideas are then submitted to an investment panel made up of Next 15 reviewers, including Next 15 board members and agency representatives, with employees personally presenting their ideas. Successful concepts will be taken through to stage two, where they will be paired with a business mentor in order to develop a comprehensive business plan.
Tim Dyson, CEO at Next 15, said: “Project Warhol will help drive innovation within the Next 15 group, supporting budding entrepreneurs. Along with helping employees to work on projects they’re personally passionate about, the Fund has the potential to help Next 15 as a whole, providing innovative investment opportunities and the chance to help create start-ups with a world-class team of people.
“It’s a win-win situation, with employees able to enjoy the support and resources necessary to develop their ideas, and bring some brilliant new concepts, products and businesses keeping Next 15 agencies at the forefront of marketing technology innovation.”