Though the Intrapreneurship definition is argumentative, the concept of corporate intrapreneurship is generally believed to refer to the development of new ideas that can be divided to innovative ideas types such as: Disruptive and Incremental innovation.
This innovative opportunities lead directly to the improvement of organizational profitability and an enhancement of competitive position or the strategic regeneration of an existing business.
Within that system, the notion of innovation execution processes is at the very core of corporate Intrapreneurship success – Also when it comes to the organization’s leaders they are responsible for driving calculated and beneficial risk management. Taking it one step further, corporate intrapreneurship may even significantly alter the balance of competition within an industry or create entirely new industries through this organizational internal act.
Why should established organizations consider Intrapreneurship?
Corporate intrapreneurship is especially crucial for large companies, these organizations – that are traditionally averse to risk-taking – to innovate, driving leaders and teams toward an increased level of corporate adventurous. In addition to the evident benefits obtained through innovation, this path also provides the organizational benefit of setting the stage for the next generation of leaders.
In a clean view, corporate intrapreneurship can also be considered a means of organizational renewal. For in addition to its focus on innovation, there also exists an equal drive toward venturing. These two work in unison as the company undertakes innovations across the entire organizational spectrum, from product and process to technology and administration. In addition, venturing is a primary component in the process, pushing larger companies to enhance their overall competitiveness in the market by taking big steps.
Setting up the corporate entrepreneurship environment
In modern business, one of the primary tasks of the business leader is to foster an environment in which intrapreneurial thinking is fostered and readily takes places. Promoting this culture by freely encouraging creativity (and thereby innovation), business leaders motivated toward corporate intrapreneurship must continuously strive to exude and build trust, embracing the risk to fail and inspiring those around them to take similar calculated risks.
But there is more to an environment of corporate intrapreneurship than simply inciting inspiration. It also relies heavily on a system of continuous analysis and feedback, potentially including the following three steps:
Diagnosis of Organizational Innovation Needs – Identification of existing innovational process within the organization. Research of relevant market innovation trends and key players and analysis of the innovation strategy within the organization.
SPYRE Pipeline Process is based on progress gates and monitored by a steering committee and allows transparency and control over the project and the resources. The stages include product/market fit, customer validation, product development, pivots, proof of concepts and more.
Innovation Leaders – equip selected people from the different department and professional aspects within the organization. A course that will teaches community development, fostering of ideas, support of acceleration process, community development and how to enable intrapreneurship with existing and future challenges. Innovation Leaders Course – A course that teaches project management skills.
In conclusion – internal organizational innovation requires each of the enterprises to step forward and progress. In order to create the reality of fostering ideas and execution of innovative projects without involve with the organizational bureaucracy, the organization has to create an ecosystem as there is in the startup world that will cherish the ideas into project and push forward the organization to new dimensions.