Thinking about the idea of an arts festival on the island, David Koren started to look for a name, something that could anchor the concept of the festival. David was in the shower one morning in late 2005 when the name “FIGMENT” popped into his head. David remembered that Andy Warhol had once been asked what he would like on his tombstone, and he replied, "I always thought I'd like my own tombstone to be blank. No epitaph, and no name. Well, actually, I'd like it to say 'FIGMENT'."

Famous for his role in New York's artistic heritage and the Pop Art movement, Andy Warhol believed that everyone had it in them to be a star for fifteen minutes. Through his own art, he defined his identity and shaped the world around him. By naming the arts event FIGMENT, it could reference both the great history of art in New York, and also the ephemeral nature of the arts event that was starting to be developed.