Why Intrapreneurship Can Fuel Your Company's Growth
The process that turns those ideas into actual innovations can be referred to as intrapreneurship or corporate innovation. It relates to a system that allows employees to act like entrepreneurs within a company.
Innovation is critical for a business to move forward. 2020 has proven that those who can rapidly adapt to changing markets and new realities are the ones who survive, thrive, and grow.
For a company to facilitate innovation, it has to have creative people who strive to solve problems.
The good news, there are more intrapreneurs in your organization than you might think. The struggle is to identify them. If on hearing “creative,” you start thinking about artsy-crafty, extravagant people who don’t stick to deadlines and take up a new hobby every other week, then let me tell you – these are not innovators.
How to identify intrapreneurs
Real groundbreakers are self-motivated, proactive, and action-oriented people who take the initiative to pursue an innovative product or service. They have leadership skills and think outside the box.
Identifying intrapreneurs can sometimes be challenging. These employees are mostly self-starters who are ambitious and result-oriented. They are able to solve problems on their own and come up with ideas that lead to process improvements. An intrapreneur is also comfortable with taking certain risks by assuming multiple tasks and look for new challenges.
Look for these three qualities:
- They always try to learn new things.
- They ask for learning opportunities.
- Accountable, they go the extra mile and take tasks more than their role formally requires.
How to foster innovation
Innovation-driven culture fosters autonomy and independence while aiming at finding the best resolution. For example, an intrapreneurship initiative may require an employee to research and recommend a more efficient workflow or introduce a new practice to benefit company culture.
1- Create an intrapreneurial culture. Make it a statement. Let your team know that you are looking to transform the organization, need their help, and allocate time, resources, and support.
2- Identify intrapreneur individuals
Use the 3 descriptions above to identify these individual
3- Give them specifics goals. Be specific about goals and timeline; intrapreneurs perform their best when they know what needs to be accomplished
4- Support innovators. They need Leadership support to be able to take risks without fearing failure. They need time, resources, and recognition.
Benefits of developing intrapreneural culture in your organization
It’s crucial for employers to recognize intrapreneurs. Not recognizing and supporting these employees who demonstrate an intrapreneurial spirit can be destructive to a brand or company. Employers who encourage intrapreneurship can see long-term advantages in terms of innovation and growth because it leads to the whole company’s success. There's plethora of benefits, but our favourite three are the following:
- Accelerate your organization’s advancement in innovation: it doesn’t depend on you only anymore.
- Increase employee engagement and retention: your team will feel valued and have space to dream without feeling the need to find another employer to grow.
- Innovation is crucial for survival because it transforms your business and helps you be agile.
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