How to kick-start product innovation

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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