Foundation starts an ugly bid to create smear (6)
I believe the answer is:
bedaub
'smear' is the definition.
(synonyms)
'foundation starts an ugly bid' is the wordplay.
'foundation' becomes 'bed' (bed is a kind of foundation).
'starts' says to take the initial letters.
The initial letters of 'an ugly bid' is 'aub'.
'bed'+'aub'='BEDAUB'
'to create' acts as a link.
(Other definitions for bedaub that I've seen before include "Splodge with paint" , "Crudely paint" , "Smear (with a sticky substance)" , "Smear with something sticky" .)