Corporate entrepreneurship, or intrapreneurship as it is often called, refers to entrepreneurial behavior within established organizations. It is about keeping the spirit of the start-up alive, even as the company grows.
Why does this happen? In part it is because, as companies expand, they often create structures and systems that can unintentionally stifle innovation, thereby reducing speed, audacity. Eventually, this makes them resistant to transformational change.?
The spirit of innovation often powers the 0 to 1 journey for start-ups. But to sustain growth, companies must develop a competitive advantage through dynamism, flexibility and continued innovation. This requires nurturing an entrepreneurial spirit?from?the top management down to every individual. And this spirit, corporate entrepreneurship, has been proven to foster high impact and high growth.??
Corporate Entrepreneurship, itself can manifest in various forms within organizations, including:
- New Ventures: Launching new business units, categories, or sub-brands under a larger umbrella. This can help in building new audiences and / or venture into new business lines and can be within the organization or autonomous. There are several examples of this - a key one being the Tata Group. While historically the Group was known for its steel and commercial vehicle businesses, they have often unlocked entirely new spaces by launching ventures in various other industries - including electronics, apparel, IT consulting, mobile telephony, jewelry, and much more. And not only have they ventured into these areas, they have also managed to succeed and become household names in all these categories.
- Mergers & Acquisitions: Entering into strategic partnerships or taking over related or even trending companies where synergies can be explored. Google and its parent company Alphabet are prime examples in this area. Did you know that both YouTube and Android - two of the company’s most successful products today were straight acquisitions? Google, the king of search identified synergies early on in the work that YouTube - a video repository but also a search engine for video content and Android - an open source operating system had with their own vision. Through acquisition, effective integration and collaboration, Google was able to become market leaders in all these segments.
- Proactive Innovation: Building a culture of innovation internally where employees are encouraged to pursue new ideas with no fear of failure. This one I’ve been able to personally experience in action while working with Flipkart. The company’s values of audacity and culture of experiment, learn and grow have created a workplace where innovation thrives. Whether it be cash on delivery in the 2010s to availability in multiple languages, smart search, and an AI-driven voice assistant today, the culture of proactive innovation has served the company well. In fact, the company has also used the first two techniques quite effectively through launch of new lines of business such as Flipkart Minutes for quick commerce or their acquisition of Myntra and Cleartrip.?
Providing opportunities for innovation increases motivation and loyalty, and keeps employees engaged and prevents talent loss. A robust corporate entrepreneurship strategy ensures talented employees stay motivated and continue driving the company's success.
Corporate entrepreneurship isn't just a strategy—it's a culture that fosters innovation and growth. And, it works! According to a study by Deloitte, companies that actively promote intrapreneurship and empower their employees to innovate internally are?2.5 times more likely to be recognized as leaders in their industry for developing new products and services.
How has it impacted your organization? Share your thoughts below!
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4 个月RED FLAG TO FLIPKART. Harrassment by Flipkart employees by keep delaying the return and FORCING CUSTOMER TO KEEP THE DEFECTED PRODUCT. I generated return of a defected table and have been calling them from 18 October but the whole FLIPKART SALES TEAM IS A INVOLVED IN A FRAUD. They are forced me to cancel the return twice and re cancel it. They are forcing me to do this so that 10 days return policy can lapse and they can easily tell me to not do anything. Shanu the senior excecutive, nitish, diksha and so many other sales ppl toop images and and did nothing. I am forced to go to the court for the resolution. Shame on the whole sales team. I see clear instructions from heads of flipkart sales to keep customer in disguise and force them to keep defected product.
I am Nikhil Tiwari, qualified in the field of digital marketing I have extensive knowledge about digital marketing through my studies I am learn so many think's like:-SEO | SMO | SMM | SEM | Google ads | web development
5 个月In essence, corporate entrepreneurship can provide start up with the resources, credibility, and support they need to scale rapidly and succeed. However, it's important to note that the success of such partnerships depends on factors like cultural fit, effective communication, and a clear understanding of roles and responsibilities.
CMA US aspirant | Experienced Speaker at Toastmasters Jeddah, Saudi Arabia.
5 个月What’s essential is the group of individuals who would put their 110% in the work, there’s a need for upgrades in thier career. Which is unfortunately there aren’t any as of a majority.
Growth,Alliances&Mindshare Offering 3 Pillars to Enterprises- Agility, Acceleration, Advancement with AI&Services Founder- Aarrogyaa Care
5 个月We need robust custodians more than hustlers/ innovators,collaborators more than vendors,logical exploration of organic growth ,ant's eye view on customer success/ delight/long term value .
Founder at SoulWise. Hiring For All Roles.
5 个月While start-ups often embody the spirit of innovation, enduring success lies in cultivating a culture of entrepreneurship within established organizations. The most resilient companies are those that never lose their appetite for risk, even as they scale. Varadharaju Janardhanan