The fund is an internal startup programme aimed at encouraging budding tech entrepreneurs within the agency to think up the next big thing for the media, marketing and advertising industry. Ideas can include developing a new product, building a new app, or programming and coding for a new platform or tool.
Starting this August, any OMD China staff member with a potential idea will present a business plan to OMG management. He or she can pick a few colleagues to work on the idea together.
The agency will shortlist the top three business plans and pick one winning idea every year to be incubated with the aim of spinning it out into a viable, ongoing business for the future.
Once the idea gains traction with clients, the Innovation Fund will provide a certain budget amount as seed funding for the idea to become a prototype to achieve the required proof-of-concept before inviting investment from venture capitalists.
Before that happens, priority goes to daily work commitments. However staff can spend up to 20 per cent of their work hours on their projects. After they get VC funding, they are able to work full-time on their soon-to-be-realised startups.