79. What businesses should learn from museums about innovation | Elizabeth McKay

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 Follow James Reed on LinkedIn Follow Elizabeth McCay on LinkedIn: Find out more about TFL Museum and their exhibitions here: Submit your application to Reed’s Entrepreneurs Fund for a chance to a £20,000 grant HERE All About Business is brought to you by Reed Global. Learn more HERE This podcast was co-produced by Reed Global and Flamingo Media. If you’d like to create a chart-topping podcast visit Flamingo-media.co.uk