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How to kick-start product innovation

September 28, 2012 by  

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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