Entrepreneurship inside of established organizations is called Corporate Entrepreneurship or Intrapreneurship.
All companies want organic growth, but few organizations have a process in place to support and sustain growth over time.
An innovation process alone is not enough.
Organizations need to build a framework to support innovation and new business growth.
Corporate entrepreneurship is the answer:
Corporate Entrepreneurship is a process used to develop new businesses, products, services or processes inside of an existing organization to create value and generate new revenue growth through entrepreneurial thought and action.
Systems View of Corporate Entrepreneurship:
Corporate entrepreneurship sets the context for innovation and growth. It provides a systems view of the resources, processes and environment that are needed to support, motivate and engage the organization in entrepreneurial thinking and action.
Organizations with strong entrepreneurial orientations statistically perform better. They achieve higher levels of productivity, innovation, growth, employee engagement and financial returns.
Although business growth is the overall end game, corporate entrepreneurship is difficult to achieve. It challenges traditional organizational practices. Many of the things needed to support the core business are just the opposite of what you need to do to build a new business.
There is no perfect way to implement corporate entrepreneurship. There are however three components that enable corporate entrepreneurship; people, process and place.
- People – leaders that possess a core set of action oriented competencies and behaviors
- Process – systems and processes that support entrepreneurial thinking and action
- Place – an environment conducive to entrepreneurship, learning and growth
It is well known that internal champions (mavericks) can be effective in bringing new ideas to market. It is well researched that having the right processes can help facilitate entrepreneurship. It is well documented that creating an entrepreneurial culture can direct organizational behavior toward more entrepreneurial pursuits. But…..
What is less understood is that all three of these elements are needed for corporate entrepreneurship to be successful and sustainable over time.
The goal of corporate entrepreneurship is to build capabilities that enable organizations to accelerate new business growth.
That’s why 65 percent of the top 100 most innovative companies are implementing corporate entrepreneurship or intrapreneurship.
What about your organization? Are you reaping the benefits of corporate entrepreneurship?
To find out more about Corporate Entrepreneurship and Corporate Entrepreneurs read:
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