a new news foundation

An idea that has been about a year in the noodling, you may have noticed some of my thoughts on re-inventing news or at least trying to approach the subject from some different starting points, outside of the existing, large news rooms.

To this end, I want to launch in March 2012 a ‘new news foundation’ along the lines of the Awesome Foundation, so I was thinking of putting this on pledgebank:

‘I pledge to contribute £100 per month for 10 months to the New News Fund if 9 other people also agree to do this. This fund will be used to support and help new ideas in news, journalism and communications.

The projects supported will be decided upon by the fund contributors, and the contributors will be able to vote for an ‘advisory panel’ made up of people we believe will be able to help us find and support the important and interesting new ideas in the continual evolution of the news industry.’

So my first question is does this make sense? In what form should the fund exist, should it be an semi-informal thing, or should it be set up as a proper organisation (which I would prefer to do, but we have to be careful about time available to run something more formal, also we have to make sure that costs to run the fund do not come from the fund).

In doing this project I am interested in being able to support new projects and ideas, but should the fund be able to ‘invest’ in ideas, in the aim of getting a return on the investment and thus able to make more money for the fund? This idea, which I think would be very interesting also has a lot of issues around legislation, since the fund would then be a financial service.

March is the month of launch, so that we can do a 10 month run for 2012. We should be able to produce a report on the projects supported over this period of time. This is both serious but also an opportunity to allow some more playful and esoteric ideas to maybe get more of a foothold than they would otherwise.

Also, any ideas for a better name?