How to drive innovation in a large corporation.
Transform your sector by betting on intrapreneurship.
The 5 steps to driving innovation in large corporations.
1. Program Architecture & Design
The process of innovation in and out of most companies tends to be unstructured and free flowing, that’s just the reality of the entrepreneurship journey. However, research shows that structured and formal processes for innovation are more likely to result in viable new ideas.
2. Ask your employees.
Engaging your employees across all functions in the innovation process can lead to some highly creative ideas, as well as practical suggestions for implementation.
3. Diverse workforce.
Diversity improves performance. Diverse groups tend to outperform homogeneous groups, even if the members of the latter group are more capable. Diversity can improve an organization’s performance by enhancing creativity or team problem-solving.
4. Design a career path for your intrapreneurs
Intrapreneurs are often glad to have the technical and marketing infrastructure of a large company at their disposal. Create the processes and paths for intrapreneurs to feel comfortable taking risks.
5. Prepare for the pitfalls of intrapreneurship
We often hear that “failure is not an option” because companies often can’t afford to fail. The reality is entrepreneurs can — many times. The number of new products or services that actually make it to market -whether they come out of an intrapreneurship effort or through formal R&D- is a small percentage of the ideas and prototypes.
“Can innovation be turned into a business function, like Marketing, Finance or HR? It can and it should. To get breakthrough innovation, where there is a lot of risk and uncertainty and the organization is being asked to change its behavior across many dimensions, you have to institutionalize innovation.”
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