Nice to see that Sir John Hegarty is doing something useful in the UK (as opposed to buying another vineyard in France) with his share of the proceeds of BBH’s sale to Publicis Groupe.
Hegarty is launching incubator outfit The Garage with start-up investor Tom Teichman (below) and plans to back start-ups with up to £50,000 in seed capital, advice (obviously) and impressive-sounding quarters in Soho’s Dean Street where they’ve bought a town house. Such buildings sell for millions these days so The Garage’s lodgers will get some taste at least of what a prosperous future might hold for them. Hegarty and Teichman will take a minority share in the businesses they back.
Hegarty says of The Garage candidates: “They have to have an idea that’s disruptive to a current business model. The idea needs to be scalable and we need to like the people involved.”
Hegarty co-founded Bartle Bogle Hegarty in 1982 with John Bartle and Nigel Bogle. The agency sold to long-term minority shareholder Publicis Groupe in 2012. Teichman is the founder of Spark Ventures, the backer of Notonthehighstreet.com, Lastminute.com and Moshi Monsters.
The Garage’s start-ups will also receive consultancy from Moshi Monsters founder Michael Acton Smith, Notonthehighstreet’s Holly Tucker and old BBH hands Nick Kendall and Kevin Brown with marketing and media advice.