Drop Kick Ventures wants to take agencies’ unused ideas and IP and spin them into standalone businesses
Agencies talk a good game when it comes to creating their own digital products and intellectual property. The theory makes sense: They have the talent and expertise to both conceive and build things that consumers will want to use. But in reality, it’s not quite that simple: They’re in the services business and are typically poorly equipped and structured to run successful and profitable side-businesses.
That’s why LA-based digital agency Phenomblue has founded Drop Kick Ventures, a partnership with venture-capital firm Dundee Venture Capital, which, it hopes, can take agencies’ ideas off their hands and help spin them out into standalone companies. It’s sort of a VC firm focused on agency creations.
“We have innovation initiatives in-house, which often result in what we call ‘zombie ideas.’ We come up with these ideas and build these things that end up just sitting there. They’re not dead, but they’re not alive either,” said Joe Olsen, founder of both Phenomblue and Drop Kick Ventures.
According to Olsen, these ideas and products don’t become “zombies” because they’re not viable; it’s because agencies just have other things to concentrate on, like their core businesses and their clients.Drop Kick Ventures wants to take agencies’ unused ideas and IP and spin them into standalone businesses
Read more from the source: digiday.com