Large-sized organizations and multinational companies have always found it difficult to remain dynamic, flexible, and adaptable to the ever-changing economic scenario. Therefore, it is imperative to search for innovative solutions to hold onto the competitive advantage and capitalize on newer opportunities. One of the reasons how companies are doing this is by implementing a robust corporate intrapreneurship program.
Intrapreneurship is a great tool to circumvent the bureaucracy and the unflinching internal process that might stifle growth and innovation in big corporations. Giant corporations including Google, 3M, and HP have already implemented such programs to fuel innovation and creative thinking among special product teams. One of the most famous intrapreneurship examples is the ‘Skunk Works’ program established in Lockheed Martin.
So, what is intrapreneurship? How is it different from entrepreneurship and what impact is it having in the business world? Well, let’s find out!
Intrapreneurship vs. entrepreneurship
Although there are similarities between entrepreneurs and intrapreneurs, they differ in one of the key aspects — the setting. An entrepreneur starts an organization themselves, while an intrapreneur works within an established organization and is responsible for innovation.
A successful intrapreneurship program within an established organization takes a bottom-up approach and utilizes the existing framework and resources of the corporation.
As the intrapreneurship program operates within an already established company, the risk is substantially reduced, accelerating innovation. That said, an intrapreneur has to work within the company’s structure and deal with the possible limitations that come with the situation.
How is intrapreneurship changing the business world?
Fostering intrapreneurship within an organization is beneficial for both the organization and the intrapreneur. The organization can drive innovation, see increased results, and generate the much-needed agility with a successful intrapreneurship program. Taken together at the most basic level, it translates to improved efficiency and increased profitability.
Another benefit of intrapreneurship is that it allows companies to venture into different fields without taking major risks. An intrapreneur might chase a new opportunity or direction that might be impossible for a giant corporation to achieve without the program in place.
Intrapreneurs think differently from an average employee and possess characteristics that make them ideal for higher management positions. Successful intrapreneurship programs allow companies to identify future leaders while training them for the challenges to come.
What about the intrapreneurs themselves?
One of the biggest perks of being an intrapreneur in a big corporation is that you are no longer just a cog in the machine. You see your ideas being valued by the organization boosts confidence and morale.
As the intrapreneurs access more company resources or gain access to management and advisors, their connection and loyalty to the organization, also boosts. The financial rewards that come along with being a successful intrapreneur can’t be neglected as well.
Types of types of intrapreneurship
Successful intrapreneurs work in teams and there are three distinct types of intrapreneurs that one comes across in any successful organization.
- The Advocate: Shapes the problem that needs solving. They are easiest to spot as they constantly come up with new ideas.
- The creator Creates the prototype solution to the problem defined by the advocate.
- The changemaker: Is great at networking and communicating. These people make things happen!
How can businesses encourage intrapreneurship?
Every organization, big or small, has potential intrapreneurs waiting to be identified. But how can you find them?
Well, one of the key aspects of implementing the intrapreneurship program is listening to your employees’ ideas and providing them a platform to develop. The order of an organization will help them stay on target and realize their full potential.
While trying to create an intrapreneurship program, it helps to keep the following things in mind-
- You don’t want to develop intrapreneurs within your organization; you are merely recognizing them
- Intrapreneurship requires a different style and approach to management
- Intrapreneurship at its core is a people-centric approach
- Intrapreneurship, if implemented correctly, can lead to unprecedented growth and innovation within an organization
Final words
The future is arriving faster than you think, which has put many challenges in the way companies run. Intrapreneurship can provide the spark and impetus to change the way we innovate.
