A Recipe for Innovation from Media Publishers

29 11 2007

A new report from Northwestern University’s Media Management Center offers further lessons on how open innovation is playing out in the media marketplace. Required reading…

“Running While the Earth Shakes: Creating an Innovation Strategy to Win in the Digital Age,” chronicles what 36 outstanding media company leaders believe it takes to be nimble, to innovate, and to provide transformative leadership for media companies today, as they compete for the hearts, minds, attention and pocketbooks of readers, listeners and viewers.

Click here to download the full report.

Written by innovation expert and consultant Annette Moser-Wellman, it draws on interviews with a diverse group of leaders from both traditional media companies, such as Washington Post, Meredith and CBS, and “emerging” media companies that sometimes don’t consider themselves part of the news media, from Google and Twitter to Major League Baseball.Here is a sample….

News media organizations must become portfolio entrepreneurs.

Portfolio entrepreneurs are those who have the ability to create and manage many different businesses at the same time. Portfolio entrepreneurs identify emerging needs and fill them, over and over. They are able to create businesses quickly and are prepared win and yet, they recognize the possibility of failure. To think and behave like portfolio entrepreneurs, news companies must put risk and speed at the center of the corporate altar. This means simultaneously developing multiple new business concepts, focusing on exploiting nascent opportunities and being willing to lose and right away try something else again.

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