In an age when organisations need to be constantly innovating to stay relevant, intrapreneurship is a guaranteed way to fuel innovation.
What Is Intrapreneurship?
Intrapreneurs are employees within a company who think and act like entrepreneurs. They assume responsibility for transforming innovative ideas into profitable products or services.
Gifford Pinchot III, the father of intrapreneurship, characterises intrapreneurs as: “Dreamers who do.” Intrapreneurs are typically creative and resourceful employees who are passionate about an idea and are determined to see it through even if it means taking risks.
How Does Intrapreneurship Benefit Companies?
These days, companies need to keep innovating to set themselves apart from the competition. Intrapreneurship provides a more cost-effective alternative to traditional R&D by leveraging employees’ in-depth knowledge of the industry.
By giving staff the support they need to innovate, companies may discover new-and-improved products and services (for example both Gmail and the Playstation are products of intrapreneurship). As such, intrapreneurship can play a significant role in improving the bottom line.
What’s more, developing a reputation for employee-empowerment will also help with recruitment efforts. Companies known for pushing innovation through intrapreneurship typically attract and retain top-quality talent who seek meaningful and stimulating roles. This is one of the main reasons why so many people want to work at the likes of Google and Facebook.
How Can You Encourage Intrapreneurship in Your Organization?
It is estimated that more than 20% of all employees display some entrepreneurial activity. How can employer’s ensure that they are making the most of this?
Intrapreneurship offers employers the opportunity to harness employees’ experience, creativity and passion to create a truly innovative organisation. To succeed, intrapreneurs need their employers to be supportive, open-minded, understanding and patient. It’s important for management to take an active interest in the project while also giving the intrapreneur the freedom they need to innovate and achieve their goals.
Learn More About Intrapreneurship
If you are interested in intrapreneurship and would like to know more about how you can foster an intrapreneurial spirit it in your organisation, we recommend that you take a look at the below infographic from the team at Trainwest.