NEW YORK: MDC Partners' spending spree shows no signs of abating anytime soon as the firm plans to invest at least $1 million in a start-up agency as part of a global push to nurture entrepreneurial talent.
The “MDC Challenge” was announced at the Cannes advertising festival on Friday by MDC chair and CEO Miles Nadal. It invites budding entrepreneurs to submit business plans for a start-up agency in any area of marketing and communications, including PR. The successful pitch or pitches will receive a $1 million cash injection to launch the agency, in return for a 51% stake in the business.
The contest is MDC's latest pledge in a series of commitments to expand the firm's presence in the communications industry. In the past 12 months, it has acquired PR agencies Allison & Partners and Sloane & Company and taken a stake in social media PR firm Attention. Nadal confirmed there will be more to come in the near future.
Nadal said: “There is a great opportunity in PR to build an entrepreneurial firm with dedicated professionals who have a proven track record and can create real value for their clients.
“We fundamentally believe in investing in talent and the MDC Challenge is a very broad-reaching initiative. What this campaign will do is allow people who have great ideas but limited capital to bridge the gap without having to hawk their home.”
The contest is open for entries until October, with the successful pitch or pitches announced at the end of the year.