The Economist Group, the publisher of The Economist, has a launched a site called Project Red Stripe. Project Red Stripe is a six-member team comprised of The Economist Group’s employees that has the task of creating an innovative and web-based product, service or business model by July 2007. The team is doing their own in-house research and they are also soliciting ideas from the outside. Ideas can be submitted on the Project Red Stripe website.

This is what they have to say about themselves:

Project Red Stripe is a six-member team comprised of The Economist Group’s employees that has been brought together with the task of creating an innovative and web-based product, service or business model by July 2007. In addition to the research which the team is conducting in-house, we are soliciting ideas from the outside world in an effort to attract submissions from a diverse group of people.

It is a bit of an experiment it seems. They have six months and a budget of £100,000. They can use any brand or content owned by The Economist Group. Their idea can be unrelated to The Economist Group.

Mike Seery the the CIO of the Economist Group, who is also the team’s leader, has blogged about how this all came about. It sounds like a really fun idea and I for one look forward to seeing what the outcome is!

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