Intrapreneurship is the practice of having an employee or employees act as entrepreneurs within a company, while still being employed at the company. In other words, it’s like having a start-up company evolve within an established business. More often than not, the entrepreneurship aims to build products or services complimentary to, but not necessarily in the same field or industry as the existing business.
Innovative Entrepreneurialism
It’s actually pretty groundbreaking in terms of a traditional start-up experience. For one thing, Intrapreneurs are given the latitude to research, explore and test their ideas while maintaining their corporate positions. The Intrapreneurial start-up and the technology or products and services it develops will ultimately serve to create new revenue streams and industrial value for the existing company.
Benefits of Intrapreneurship
The Intrapreneur has the built in resources and supports of an established incubator in the form of the existing company to rely on when exploring new or groundbreaking territory. Executive infrastructure, established communication and supply channels, stable financial backing and most importantly, experienced and proven business minds supporting the Intrapreneurship, are a few of the reasons that large companies are beginning to encourage Intrapreneurship as a way to diversify themselves in an already crowded marketplace.
Dreaming A New Dream
Professionally, being recognized as an Intrapreneur is a sign of confidence the employer has in the Intrapreneur’s abilities to think outside of the box and trailblaze new pathways for the company to follow and hopefully prosper from.
‘Dreamer’ is a term often associated with an Intrapreneur, because traversing a road less travelled outside of the accepted industry pathways can often lead a company to greater success and effectiveness in the marketplace.
Future of Innovation
The employees who see opportunity and ways to take their companies in directions that will enable them to grow with future needs in mind, or who can brainstorm products or developments that service a void in the market are great candidates for Intrepreneurial leadership. The future of innovation for large businesses lies in Intrapreneurship.