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Intrapreneurship / Corporate Entrepreneurship
Intrapreneurship — or Corporate Entrepreneurship as it is sometimes called — can be a powerful element of your business' broader innovation agenda. The aim of intrapreneuring is to provide your organization — particularly its more entrepreneurial individuals — with the appropriate venues for unleashing their innovation drive in a manner that positively impacts your business and its future trajectory.
Intrapreneurship can be enabled through a variety of venues — ranging from engagement campaigns like innovation tournaments and business plan competitions, all the way up to formal incubators and accelerators designed to spin out new ventures. Whichever venue is selected, it means giving these individuals and their teams the time, space, and resources to pursue an idea they are passionate about within the context of your broader business strategy. This becomes their "sandbox", in which they will study the challenge and experiment with different solution concepts in order to find its one best solution.
These venues thus become the incubators for what are quite often radical new ideas and new product and service concepts that your business may never have pursued otherwise. Some of the concepts will turn out to be very lucrative. Occasionally these venues spawn the next great idea that becomes a key basis for the future of your business.
Intrapreneurship venues are generally built around the principles of Design Thinking, Blue Ocean Strategy, and Lean Startup, and as such challenge teams to experiment quickly and frugally… to fail fast / learn fast so that they can discover their one best solution as quickly and efficiently as possible. Thus the investment on the part of the business is typically not extensive — just enough to allow teams to experiment and learn and get to the point where they can confidently pitch their concepts to become real projects. For concepts that are selected to become real projects, your business would then invest accordingly in each endeavor on a case by case basis, and in keeping with your broader innovation pipeline goals. As a formally funded endeavor, your organization would then develop and refine the concept to a level that meets the business' standard for going to market.
At Legacy Innovation Group, we are at the forefront of the Corporate Entrepreneurship movement, having ourselves been successful intrapreneurs inside of Fortune 100 businesses, and having worked with corporate incubator and accelerator programs around the world. We understand the many different approaches available for enabling intrapreneurship, and we know how to properly encapsulate lean startups inside of large organizations. We can help you set up the right venues, processes, and resources to leverage intrapreneurship in your business and to bring the most promising and novel ideas out of the woodwork and into the light of your markets.
The Intrapreneurship Engagement typically follows these steps:
- We begin by listening to you so as to understand your goals for leveraging intrapreneurship, and to understand who within your organization is behind the initiative driving it, as well as what their hopes and expectations for the effort are.
- We then explain the many different approaches to intrapreneurship and the pros and cons of each.
- Next we explore with you how each of these approaches may or may not fit with your organization, and help you select the most appropriate approach for your business at that point in time. This would be the approach most likely to succeed in your situation, with "success" entailing both bottom–up success and top–down success, as the metrics must run both ways if there is to be sustained viability of the effort.
- Finally, we help you plan out and develop the chosen venues and their processes so as to have the maximum impact on your business.
- As needed, we can also deliver custom training and workshops around intrapreneurship so as to build awareness and understanding of it within the business. It is not uncommon for this to be a part of the implementation process.
- If desired, we can remain engaged with you to help oversee the intrapreneurship effort, and to coach you along the way so as to ensure it remains on track and does not get derailed by unforeseen circumstances.
- If desired, we are also available to serve as advisors to the intrapreneurial ventures inside your business.
To learn more about engaging us for Intrapreneurship consulting, refer to our Management Engagement page.