Hearst Corporation Launches Hearst Innovation
(Press Release) New York, September 23, 2010 — Hearst Corporation today announced the launch of Hearst Innovation, a company-wide program designed to be a catalyst for business growth, creativity and communication throughout the Corporation.
The Hearst Innovation program has three primary goals:
- Create New Businesses: The Innovation program aims to channel the creative energy and insights of Hearst employees into ideas for high-potential new businesses. Employees whose business ideas are chosen for further development will receive professional recognition and financial rewards.
- Increase Collaboration: Hearst Innovation is introducing an engaging, flexible environment for Hearst employees at all levels to work together across business groups to brainstorm, develop and workshop fresh ideas.
- Encourage a Culture of Innovation: The Innovation initiative aims to inspire creativity and "intrapreneurship" throughout the organization, benefiting all Hearst businesses and generating organic growth.
"Hearst has a history of investing in new ideas and innovative ways of doing business," said Frank A. Bennack, Jr., vice chairman and CEO, Hearst Corporation. "This important program 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 encourage employee participation in Hearst Innovation, the company is deploying a robust internal marketing and education program featuring its innovation-focused online community, HearstInnovation.com (an employee portal), the central platform for all program-related discussions, news and activities.
"Hearst Innovation will allow employees to engage with the program at any level they choose, whether it's sharing their knowledge and interests, responding to a specific challenge or developing an idea into a full-fledged business plan and pitching it for funding," said Beth Polish, director of Corporate Innovation for Hearst, who oversees the initiative. "We're excited to create a way for people to share their ideas across the company, and for the best of those to potentially become meaningful revenue streams for Hearst."