The Jerome Foundation Directors committed $200,000, over two years, to a newly created organization, the Creative Capital Foundation, established by the ANDY WARHOL FOUNDATION FOR THE VISUAL ARTS, New York City. Creative Capital will test a new way of offering support to individual creative artists. It is a nonprofit, tax-exempt, revolving national fund designed to support artists creating original work, and pursuing innovative approaches to form and/or content in the visual, performing and media arts. The Creative Capital Foundation will take a venture capital approachidentify an innovative product, service or idea that has some commercial potentialand then bring in the best advisors and partners to move it forward, with the originating artist in charge of the project. The goal is to build an ever changing portfolio of projects from conceptual investigations to fully developed, expanding projects, realizing that after the initial funding, projects will develop in different ways depending on real-world circumstances. Not every project is expected to succeed. Creative Capital will go public in January of 1999, under the direction of an independent Board of Directors. Jerome Foundation funding is restricted to the participation of artists from New York City and the state of Minnesota. Its likely that the program will operate as a pilot in its first year.