Intrapreneurship: Nurturing Innovation Within and Beyond the Organization

Intrapreneurship - promoting entrepreneurship within a company - is the perfect path to building strong innovation capabilities. Applying your people’s intrapreneurial spirit to nurture the development of new products, business models or improved cost structures is crucial when facing various challenges and can also help scale your business expertise.

According to the author’s notes, a company’s ‘innovation culture’ has the ability to retain creative talent while prompting intellectual property and employee engagement. In this type of culture, the staff’s intrapreneurial spirit thrives to ensure that risk taking behaviour, ownership, accountability and innovative thinking become integral part of your organisation’s structure.

A healthy entrepreneurial environment is also related to the willingness to celebrate failures. Managers should be reminded to recognize efforts, even the failed ones, so the next company’s intrapreneurs will be confident enough to deliver breakthrough innovations. In the current competitive times only disruptive innovations are capable to provide sustainable competitive advantages.

As Avinash Vashistha explains in his article, the underlying idea of building companies based on intrapreneurial practices, is the possibility of stepping ahead by matching the strengths of both large enterprises and start-ups: having the means to create and launch new concepts without loosing agility. Lastly, developing collaborative networks with entrepreneurs that own scalable ideas can boost the potential of companies to promote new ideas within and outside the organisation.

Read full article » www.business-standard.com/article…

 

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