79. What businesses should learn from museums about innovation | Elizabeth McKay
5/18/202659 min
How can a major museum be run with the same entrepreneurial mindset as a high-growth business?
In today's episode, James Reed speaks with Elizabeth McKay, Director and CEO of the London Transport Museum. While many perceive museums as static archives, Elizabeth explains how she applies commercial strategy to ensure one of London’s most iconic cultural landmarks remains financially sustainable and relevant in a modern economy.
Elizabeth shares insights from her unconventional career journey and explains why the museum identifies as the best in the world for urban transport. They explore the evolution of work through the lens of London’s history, from the original "chairmen" who carried sedan chairs to the "navvies" who hand-dug the first underground network.
Together they discuss the balance between preserving heritage and driving innovation, including the story of Harry Beck’s revolutionary Tube map and how it was initially rejected for being too radical. Elizabeth also outlines the realities of leading a cultural institution that functions as both a charity and a successful commercial entity.
Timestamps
01:48 Transport history highlights
09:50 Young entrepreneurs message
20:04 Design DNA of TFL
24:26 Running the museum business
33:27 Leading through uncertainty
40:21 Funding model explained
45:10 Youth skills pipeline
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Clips
Showing 10 of 12Transcript preview
First 90 secondsJames Reed· Host0:00
Welcome to All About Business with me, James Reid, the podcast that covers everything about business, management, and leadership. Every episode, I sit down with different guests who have bootstrapped companies, masterminded investment models, or built a business empire. They're leaders in their field, and they're here to give you top insights and actionable advice so that you can apply their ideas to your own career or business venture. [upbeat music] Running a museum might not sound like running a business, but in reality, cultural institutions today require the same entrepreneurial thinking as any organization. Today on All About Business, I'm joined by Elizabeth McKay, who leads one of London's best-known cultural institutions, the London Transport Museum. We discuss her unconventional career journey, the realities of running a museum as a business, and how cultural organizations are adapting to remain relevant and financially sustainable in a rapidly changing world. Well, today on All About Business, I'm really delighted to welcome Elizabeth McKay, um, who is the director and CEO of the London Transport Museum. And, uh, I've got so many questions for you, Elizabeth, because the London Transport Museum is just around the corner from my office in Covent Garden.
Elizabeth McKay· Guest1:26
Yes.
James Reed· Host1:26
It's a wonderful institution that, um,