Wanted: Ways to Inspire Innovation in an Old Media Company

Congratulations!  You've just been made the VP of Media Innovatiion at Bigolmedia Corp.  You've been tasked with the job of bringing what had historically been a print magazine business into the current Web 2.+ environment.  You came from a startup that grew out of a thriving local entrepreneurial community.  You're excited about not only bringing new ideas in, but also about being a resource to the local community--you have money, you have people resources, and a ton of legacy traffic from the online versions of all your print media titles.

So what do you do first?

You have several tools at your disposal. 

You can hire new folks, invest, incubate, do biz dev deals, buy things.  What has worked for other companies?  What do innovators want from you?  How do you best take advantage of the opportunity you've been given?