Booz Allen Hamilton (the Boozy Guys), put together some choice words on the need for innovation in media. They focus on the biggest media companies (because that’s where they make the coin), but there are some key points that need to be echoed for LoMediaCo’s.

“Booz Allen’s recent study of the most successful innovators across all innovation strategies found that companies that directly engaged their customer base and closely tied their innovation strategy to overall corporate strategy had more than twice the return on assests and more than triple the growth in operating income achieved by survey respondents that didn’t do those things.”

A critical component in a robust innovation engine is”having an ideation process that incorporates multiple sources and functions, encouraging experimentation and mining the entire organization to fill the innovation pipeline.” Another is “a consistent, structured gating process for new and existing projects that considers economic value and strategic fit with the rest of the portfolio.” Also, “an open innovation approach that creates value by accessing a broader network of relationships with distributors, retailers, and customers.” And finally, “a separate innovation function inside the organization to give the strategic development of new products and services more attention and breathing room and free it from the demands of daily firefighting.”

How right they are. We’ve been implementing these core concepts in our innovation management system and were both pleased and irritated to find similar concepts on the interwebs. Wouldn’t it be nice to have a content crawler that goes out to the web to see if anyone has posted similar ideas to the ones you’re working on? Hopefully we can build something that does that, as well.

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