This new initiative will see members providing financial support to the foundation's work, on top of providing work experience opportunities.
Moray MacLennan, the president of the IPA and chairman of M&C Saatchi, said: "It's vital for us to increase the diversity of people we employ and to use the widest possible talent pool we can to generate ideas for our clients."
Robin Wight, the founder of the Foundation and chairman of Engine Group, is hoping to encourage the UK's top 30 agencies to join the council over the next three months.
The top 30 agencies will be expected to contribute £5,000 each to the Ideas Foundation, plus an additional £5,000 if the agency has a particularly successful year.
For agencies outside the top 30, the initial £5,000 would only be payable if they have a successful year.
The Foundation will also establish groups of young creatives to take briefs from the Council's agencies.