How to kick-start product innovation
Richard Janssen (picture by Brie Logsdon)
In a quick session of brainsnacks – the 7 minutes presentations at the INMA 2012 European conference in Hague, Richard Janssen, Lecturer Strategy & innovation, Nyenrode Business University, The Netherlands, Lecturer Strategy & innovation, Nyenrode Business University, The Netherlands spoke about the best practices from media innovation: how to kick-start product innovation.
Innovation is the only move forward. But publishers have to define a structured way to develope ideas into products. They need to focus on development of scalable ideas. The elements that stimulate innovation are:
- shared vision of top management team
- physical separation
- entrepreneurial culture (capabilities to risk taking)
- innovation strategy (structural)
- synergy (a standalone unit without link to traditional print business is wrong)
Innovation strategy funnel should always be implemented. It consists of 4 main areas:
- creation (ideas from outside)
- selection (team that selects the ideas, openminded with the right vision)
- development (work on project management skills, project team of 3-4 people from differen: IT, marketing, editorial)
- implementation (scaling up those ideas)
The speaker ended his presentation with a couple of suggestions for the publishers:
- use best practices but adapt to company’s settings
- innovate streams: portfolio of ideas and funnel management
- use innovation related KPI’s for monitoring not P&L related
- build an agile culture for online innovation
- be cautious with integration of successful innovations
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