Category: Innovation

A Big Decision for Boeing’s Next C.E.O.: Is It Time for a New Plane?

Some analysts say building a new plane soon would help the company regain ground it has lost to Airbus. But doing so would be difficult and expensive.

How Tech Giants Cut Corners to Harvest Data for A.I.

OpenAI, Google and Meta ignored corporate policies, altered their own rules and discussed skirting copyright law as they sought online information to train their newest artificial intelligence systems.

China’s Rush to Dominate A.I. Comes With a Twist: It Depends on U.S. Technology

China’s tech firms were caught off guard by breakthroughs in generative artificial intelligence. Beijing’s regulations and a sagging economy aren’t helping.

Fostering Intrapreneurship Worked for Google—Here’s How It Can Make Your Business Successful, Too

By Adam Rood

Intrapreneurship is the practice of fostering entrepreneurial skills and mindset within an organization’s existing employees. It encourages employees to act like entrepreneurs, pursuing new ideas and innovations, while still working within the framework of the company.

Entrepreneurs and intrapreneurs exhibit many of the same characteristics. These include:

  • They are creative and have the ability to think outside the box.
  • They share a passion for innovation and problem-solving.
  • They take ownership of their projects.
  • They demonstrate persistence and resilience in the face of challenges.
  • They have the ability to adapt and learn from failure.

But there are also some key differences:

  • Intrapreneurs work within an existing organization and utilize company resources to bring their ideas to life.
  • Entrepreneurs start their own businesses and assume the risks associated with their ventures.

5 reasons you should foster intrapreneurship at your organization

1. Drives innovation

Intrapreneurship fosters a culture of innovation within the organization, enabling the development of new products, services, or processes. This constant innovation keeps the company ahead of its competitors and allows it to maintain a strong market position.

Intrapreneurs offer a unique perspective to an organization, as they understand the organization’s strengths and weaknesses, and by tapping into the creative potential of intrapreneur employees, corporations can identify new opportunities and bring unique solutions to the market, setting them apart from their competition.

2. Encourages employee engagement and motivation

Encouraging intrapreneurship empowers employees and promotes a sense of ownership and responsibility among employees, allowing them to take ownership of their projects and actively contribute to the company’s success. This sense of autonomy and responsibility can lead to higher levels of engagement and motivation, resulting in increased productivity and overall job satisfaction. In turn, this can lead to higher employee retention, reducing the costs associated with turnover and recruitment.

3. Promotes an agile mindset

In today’s fast-paced business environment, the ability to adapt to market changes and disruptions is crucial for long-term success. Intrapreneurship promotes an agile mindset within the organization, encouraging employees to be proactive in identifying and responding to new challenges and opportunities. This adaptability allows corporations to be more flexible, navigate market disruptions, and ultimately achieve sustainable growth.

4. Creates cost-effective R&D and problem-solving

By nurturing the intrapreneurial spirit, corporations can leverage the existing knowledge, skills, and expertise of their employees to solve complex problems and develop new ideas. This can lead to cost-effective research and development, as employees can identify and address challenges specific to the organization, often with a deeper understanding of the existing resources and limitations.

Intrapreneurship can also help corporations identify internal inefficiencies and develop solutions that streamline processes, ultimately improving the company’s bottom line.

5. Attracts top talent

Companies that support and encourage intrapreneurship are likely to attract top talent, as ambitious and creative individuals are often drawn to organizations where they can make a meaningful impact. By promoting a culture of innovation and providing employees with the resources and freedom to explore their ideas, corporations can appeal to high-performing candidates who value autonomy and the opportunity to contribute to the company’s success. This, in turn, can lead to a more innovative and dynamic workforce that drives the organization forward.

Create a culture of intrapreneurship

To encourage intrapreneurship within your organization, consider the following steps:

Encourage experimentation and risk-taking. Allow employees the freedom to experiment with new ideas, even if they might fail. Also provide a safe environment for them to test their concepts and learn from their mistakes.

Provide support and resources. Ensure employees have access to the resources and support they need to develop their ideas. This may include mentorship, funding, or access to specialized equipment and facilities.

Recognize and reward intrapreneurial efforts. Celebrate and acknowledge the successes of intrapreneurs within your organization. Provide incentives and rewards for employees who demonstrate innovation and creativity, such as promotions, bonuses, or public recognition.

Intrapreneurship success stories

Many companies have embraced intrapreneurship and reaped the rewards of nurturing innovation from within. Here are a few examples:

Google

Google is well-known for its
“20% time” policy, which allowed employees to dedicate 20% of their work time to pursue their own ideas and projects. This policy has led to the creation of successful products like Gmail, Google Maps, and Google News.

3M

3M, the company behind the ubiquitous Post-it Notes, has a long history of fostering intrapreneurship. It encourages employees to spend 15% of their time on personal projects and provide resources like the Tech Forum to facilitate collaboration and knowledge-sharing among employees.

Lockheed Martin

Lockheed Martin, an American aerospace and defense company, has a successful intrapreneurship program called
Skunk Works. Skunk Works is an internal division that operates independently from the rest of the company. It focuses on rapid innovation and development of cutting-edge technologies. This approach has led to the creation of groundbreaking products such as the U-2 spy plane and the F-117 Nighthawk.

Why your company should encourage intrapreneurship

Nurturing the intrapreneurial spirit within your organization can lead to significant benefits, including increased innovation, employee engagement, and business growth.

By creating a supportive culture that encourages experimentation, provides resources, and rewards intrapreneurial efforts, you can unlock the full potential of your employees and set your company up for long-term success.

FAQs about intrapreneurship

Below we have summarized the most important questions and answers on the subject.

What is the difference between intrapreneurship and entrepreneurship?

Intrapreneurship refers to fostering entrepreneurial skills within an organization’s existing employees, while entrepreneurship involves starting a new business venture from scratch.

What is an intrapreneur?

An intrapreneur is an employee within a company who exhibits entrepreneurial traits such as creativity, innovation, and risk-taking. They act like internal entrepreneurs, leveraging company resources to develop new ideas, products, or processes that drive growth and competitive advantage.

Why is workplace innovation important?

It drives business growth, enhances competitive advantage, and boosts employee engagement. By fostering creativity and fresh ideas, companies can stay agile, adapt to market changes, improve products and services, and ultimately deliver greater value to customers.

About the Author

Post by: Adam Rood

Adam Rood writes to readers at adamrood.com where he shares insights, tips, how-to guides, and articles about starting a business following his 15 years of experience in the world of entrepreneurship.

Company: AdamRood.com

Website: www.adamrood.com