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 Innovation—an internal, company-wide effort aimed at creating new business ideas and improving communication.

According to Frank A. Bennack, Hearst’s vice chairman and CEO, the initiative “creates a pathway for us to discover, develop and reward great new business ideas from the best source available—our own employees—while supporting a company culture of creativity and collaboration.”

To that point, Hearst says the program has three primary goals: channel ideas from staffers for “high-potential” new businesses, to increase collaboration and to encourage a “culture of innovation” 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 “financial rewards.”