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."
About Hearst Corporation
Hearst Corporation (www.hearst.com) is one of the nation's largest diversified media companies. Its major interests include ownership of 15 daily and 38 weekly newspapers, including the Houston Chronicle, San Francisco Chronicle, San Antonio Express-News and Albany Times Union; nearly 200 magazines around the world, including Good Housekeeping, Cosmopolitan and O, The Oprah Magazine; 29 television stations, which reach a combined 18% of U.S. viewers; ownership in leading cable networks, including Lifetime, A&E, History and ESPN; as well as business publishing, including a minority joint venture interest in Fitch Ratings; Internet and marketing services businesses, television production, newspaper features distribution and real estate.