Corporate Innovation & Culture Change
Innovation Plan
Case Overview
Project brief
Build an innovation portfolio for one company, moving from challenge to concrete concepts. Projects and ideas are set up in the innovation portfolio model.
About GoldenVoice
Founded in 1981, GoldenVoice is an entertainment company known for organising major music festivals, particularly in California, such as Coachella.
- revenue around
- 17.1 million $
- team size
- 500–550 employees
- concerts
- 2000 annually
- competitors
- C3 Presents, Superfly
My role
- co-creating innovation portfolio
- designing sustainability enhancement idea
- co-creating culture transformation plan
Project duration
3 months
Problem Statement
The experience of going to concerts hasn't changed much over the years, although with the emergence of social media, customer behaviour has changed. Artists became media empires, audiences now feel FOMO, and demand has resulted in higher prices and frustration.
Context
Concert attendance changed less than the audience around it
Minimal changes in the offer, major shifts in customer behaviour
Social media made artists into media empires
Fans feel FOMO and want to attend concerts
High demand and high ticket prices
Frustration and bad CX among loyal fans
This scenario, combined with new technologies, will contribute to a sector transformation in the coming years.
Innovation Challenges
How might we shape the future of the concerts and festivals sector?
Portfolio Breakdown
The innovation portfolio includes 25 projects with different horizons, risks, levels of effort and strategic approaches.
optimise core business
15 projects
56% of the budget
emerging opportunities
6 projects
23% of the budget
disruptive future bets
4 projects
19% of the budget
$15.3
Million budget to implement all project
23%
Of the budget is allocated in high risk projects
62%
Of the budget have a high impact
60%
Of the budget have a high uniqueness score
Culture transformation
Innovation Portfolio: GoldenVoice Culture Transformation
Problem Statement
Golden Voice lacks a clear definition of values and guiding principles. Additionally, there's limited orientation towards technology.
Number of employees per department
Source: LinkedIn
Culture Transformation Goal
Transform Golden Voice into a technology innovation-driven company.
To achieve the desired changes and technology innovation-driven culture, we propose to cultivate the following values and their consequent behaviours.
Methods Used
To develop new corporate values and the skills necessary for innovation we will focus on four types of actions.
Solution
One of the starting point of the Culture Change is the launch of RockIT Department
RockIT is GoldenVoice's new internal innovation unit — a dedicated team and brand identity separate from day-to-day operations, designed to drive and visibly represent the culture shift.
Promote the culture of innovation
Spread the knowledge of innovation and technologies
Manage innovative projects
Culture transformation plan
Metrics
The plan uses 16 KPIs total: 10 to track cultural change adherence and 6 to evaluate company impact.
Cultural change adherence
Across Train, Sensitize, Encourage, and Communicate actions
Train
3 KPIs- Participation / completion rate
- Satisfaction surveys
- Courses completed per employee
Sensitize
3 KPIs- Employee participation
- Feedback from ambassadors
- Organisation climate research
Encourage
2 KPIs- C-level value-goal achievement
- Peer-to-peer values evaluation
Communicate
2 KPIs- Announcement open rate
- Communication engagement rate
Company impact
Outcome indicators for the new culture
Target Audience
The plan focuses on the groups that can sponsor, build, spread, and adopt the new innovation culture.
C-Level
Commit to the cultural transformation from the beginning and act as visible promoters of change.
IT and Digital Transformation
Implement technological solutions, integrate digital tools, and collaborate with departments on new projects.
Rockers Ambassadors
Motivated change agents who extend innovation practice across the company through training, tools, and peer support.
Employees in general
Participate in the culture shift through awareness, training, skill development, and innovation initiatives.
Culture transformation plan
Budget
The proposed transformation budget is structured around sensitising, communicating, training, and encouraging action.
Total budget
$186,225
Budget split
Sensitize
Communicate
Train
Encourage
Example H2 Project
Innovation Portfolio: METAVOICE — Virtual Concert Experience
Aim of the Project
The purpose of the project is to position Golden Voice in the virtual concert and festival industry, entering a new market and reaching a global audience.
Main Resources needed
- Artist
- Metaverse Platform
- Software
- Legal support
- Audiovisual equipment
- Marketing & HR
Revenues (USD)
Budget (USD)
$0.995MM
ROI
57%
Corporate Innovation & Culture Change
Individual ProjectInnovation Portfolio: Innovative Approach to Sustainability — Electricity Generating Dance Floor
Aim of the project
The purpose of this project was to position GoldenVoice in the forefront of innovation and increase sustainability efforts.
Solution
A concert venue floor which generates electricity with the audience moving on it. Piezoelectric flooring tiles, a solution to harvesting electricity from the pressure and movements of people walking on them.
How does it work?
When someone steps on piezoelectric materials (like certain crystals or ceramics) in the flooring, it creates an electric charge. This charge can be collected and used as power.
Numbers behind the project
Figures in 000 $
Implementation costs
1 concert
446
24 concerts
10,704
Revenue
1 concert
686
24 concerts
16,464
Gross profit
1 concert
241
24 concerts
5,784
Budget of investment
Initial floor installation across 3 venues — $1,338,000
Payback period
2 concerts
ROI of 24 concerts
54%