The MP, sacked as environment secretary in last month's Cabinet reshuffle, now wants to gather together like minded Tories open to "think the unthinkable" and come up with a vision for a "prosperous, sovereign and socially just United Kingdom".
Mr Paterson said the new venture, which he had tentatively called UK2020, will seek to articulate the views of Conservatives "beyond Westminster".
He said it will campaign for Britain to leave the European Union and free itself from some climate change regulations and targets.
The former Cabinet minister, who is not afraid to voice his views on controversial issues, from badger culls to fracking, has already raised a six-figure sum for the project and is starting to recruit staff.
In an advert on his Twitter Page, Mr Paterson revealed there are part time and full time jobs in the project, with salaries of between £20,000 – £50,000 for full time equivalent roles.
Mr Paterson said: "We are looking for candidates to join a small team at a new research unit to develop a radical conservative vision for a prosperous, sovereign and socially just United Kingdom in 2020.
"Candidates will be politically experienced, articulate and savvy in social media.
"They will be open to think the unthinkable and reach beyond Westminster."
He said that there would be long hours and some hard thinking for the employees but said: "There will be lots of fun."
Speaking of his new project, Mr Paterson said: "I have been inundated with messages of support in the last few weeks and I am very keen to articulate the viewpoint of those beyond Westminster."