Intrapreneurship is the practice of entrepreneurship inside established organizations. It focuses on new venture creation within existing organizations or the transformation of organizations through strategic renewal. The intrapreneurial process typically begins with an individual that must champion a concept, stick with it in the face of rejection, make adaptations, and keep the idea alive. This requires a lot of dedication from the champion, and additional support from the organization and its managers is often needed. With this support, employees are encouraged to pursue their creative ideas and take calculated risks that can help improve the company. If organizations want to create a work environment that promotes intrapreneurship, they should consider the key points below.
Organization leaders and managers should:
- Ensure that employees understand the kinds of intrapreneurial efforts sought by the organization. This will let employees know what to focus on in achieving organizational goals through intrapreneurship.
- Make sure that employees know that their intrapreneurial actions can help increase the company’s competiveness. This can make employees take pride in their work and want to contribute their ideals more often.
- Support employees in their intrapreneurial activities. This shows employees that their ideas are valued by the company, and can encourage more employee involvement.
- Provide incentives and recognition to employees for accomplishments in their intrapreneurial endeavors. Without some kind of reward, employees won’t be motivated to take on the risks associated with an intrapreneurial concept.
-Oliver Williams
Corporate Entrepreneurship Blog 