Hearst Turns Inward for New Business Ideas
Launches internal project soliciting plans for 'high-potential' ventures.
One of the biggest players in consumer magazine publishers is looking inward for inspiration.
As Hearst gears up to launch its mobile application think tank the App Lab, the publisher Thursday announced the creation of Hearst Innovationâan internal, company-wide effort aimed at creating new business ideas and improving communication.
According to Frank A. Bennack, Hearstâs vice chairman and CEO, the initiative âcreates a pathway for us to discover, develop and reward great new business ideas from the best source availableâour own employeesâwhile supporting a company culture of creativity and collaboration.â
To that point, Hearst says the program has three primary goals: channel ideas from staffers for âhigh-potentialâ new businesses, to increase collaboration and to encourage a âculture of innovationâ and creativity.
To better encourage employees to participate, Hearst is deploying an internal marketing and education program including an online community. Hearst says employees who dream up ideas that are eventually chosen for further development will receive certain âfinancial rewards.â