Participants on FIPP’s Executive Programme for Innovation and Change (EPIC) were told that innovation rarely happens as ‘lightbulb moments’ but instead is a structured process that evolves from unmet customer needs and insight.
Alan South from the faculty of Saïd Business School at the University of Oxford, explained innovation as follows:
- Converting ideas to money
- The responsibility of every business unit
- The opportunity to shift the needle
- The threat of not innovating means you will not remain in the game
When it comes to top management leading innovation and change senior leaders should not take the ‘command and control’ approach but should instead be visionary, but supportive in a supervisory capacity and adaptive.
Following the learning of these principles the participants were spilt into two groups in order to put the process into practice. Both groups came up with innovative products that any magazine media company could adopt into their business, which would generate new revenue streams.