Intrapreneurship: A way to success

Innovation, I have always stressed is the only way for an organization to stay afloat and ahead of its competitors. It is important for an organization to encourage an atmosphere of innovation amongst its employees and continuously strive to find new ways of conducting business and developing products. It is infact, a key factor in ensuring the survival of a company.

I remember an idiom in this context, that we were taught as children, “united we stand, divided we fall”. Instead of one or two persons trying to find out the best practices to surge ahead of competition, it is better to let all the employees of the organization work independently on developing new ideas.

An entrepreneur is a person who has a new business idea and launches his own venture to give shape to the idea. An intrapreneur does pretty much the same, only within the confines of an organization. He/she thinks up new ideas for new products, and with the help of his employers, develops the idea and launches the product.

Intrapreneurship grows from the seeds of an atmosphere of innovation in a company. It is not only the research and development department’s job to contribute to new ideas. Rather, an organization needs to invite ideas from its employees and partners to help drive it forward. Engaged employees are most likely to contribute to those innovations.

There are three types of employees: a. Engaged, b. Not-engaged, c. Actively disengaged. It is the first category of employees that works with passion and feels a profound connection to their company. They drive innovation and move the organization forward.

An intrapreneur, or corporate entrepreneur, needs to envision and create an idea and also create the right team within his company to successfully launch the new products. One of the best known stories of successful intrapreneurship is of the 3M Post-It Notes, discovered in 1974.

Post-It Notes till date continue to be one of 3M’s top-grossing products. 3M’s success story proved that intrapreneurs can provide a fantastic boost to your company’s bottom line. They increase motivation and empowerment among employees, fostering an atmosphere of engagement, besides adding to your revenue stream.

I believe in innovation and allowing an atmosphere of innovation to prosper. Being an intrapreneur myself, I understand its importance, and I would suggest businesses to encourage innovation within the organization for a wholesome growth.