Notes: Agencies as Incubators (Ad Age Digital 2012)

Here are some notes and ideas from the “Agencies as Incubators” session at last week’s Ad Age Digital Conference in NYC. More to notes to come:

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Agencies as Incubators (Ad Age Digital 2012)

Notes: Eric Johnson, President & Founder of Ignited

Storified by G. Kofi Annan · Mon, Apr 23 2012 13:49:05

@Ignited started Ignited Labs to fund internal & external marketing technology start ups; now not only agency but also incubator #aadigitalVenturingEmergBrands
Ignited LabsGKofiA
Ignited LabsGKofiA

LESSONS FOR AGENCIES TO THINK LIKE INCUBATORS

Lesson 1: It takes leadership 

Lesson 2: Need multiple benefits

                    – ROI, Clients, Inspiration

Lesson 3: Play hardball 

Lesson 4: Driver was more about sharing ideas with peers

Lesson 5: Change the mindset

                   - Foster a creative & entrepreneurial environment

                  – They bring in speakers like Tim Westergren (Pandora), Jana Steadman (MTV), Simon Sinek (“Starts with Why” book)

Lesson 6: Start-ups feed growth; it’s a cycle

                  – Maintain organic growth

                  – Start new business

                  – Invest in new business

                  - Offer new agency services

                  – Consider acquisitions

Lesson 7: Pitch selectively 

                  – balance time & capital investment between new business pitches & start-ups

ROI of pitching not good; involves high costs & low chance of winning; tough to make money back #aadigital Eric Johnson @ignitedVenturingEmergBrands
Agencies must start investing in innovation & experimentation to thrive – @ignited now puts1/2 of our time & money into startups #AADigitalIgnited
How to stir up innovation within agency? Foster a creative and entrepreneurial environment – Eric Johnson, pres of Ignited #aadigitalgatsdee
Ignited LabsGKofiA