Intrapreneurship is the contraction of the terms “internal” and “entrepreneurship”. This term refers to the fact that the employees of an organization undertake and develop an innovative project within their own company. This could, for example, involve developing an application, a service, a product, or an innovation without leaving their organization.
Unlike traditional entrepreneurship, employees can stay in their usual structure to develop a project that is close to their heart. All this with the agreement and support of the management, who also see their interests in it.
Why develop entrepreneurship?
Entrepreneurship is increasingly valued by companies for several reasons.
Indeed, faced with increasingly fierce competition and increasingly demanding consumer behavior, companies must reinvent themselves. In 1970, the average lifespan of a company was 60 years. Today, that lifespan is only 15 years! Based on this observation, it is imperative to adapt to this constantly evolving environment.
This approach is also an opportunity for companies to grow. It allows the creativity and innovation potential of everyone to be unleashed. Entrepreneurship makes it possible to develop new ideas among employees who are ready to contribute to a strategic corporate project.
Entrepreneurship is a real asset for employees. The quest for meaning, the desire to be useful, to contribute, to give their opinion, and to share their ideas (in complete autonomy) within the company, promote employee engagement. This method of Open Innovation therefore fuels employee motivation and also gives meaning to their mission. It also allows retaining talent within the structure and promotes the development of each individual by multiplying experiences. Entrepreneurship thus offers new perspectives for skill development, creativity, but also by giving the opportunity to bring a project from start to finish.
«Employees are the driving force of a company and they need to be valued in order to perform at their best. Entrepreneurship allows you to develop this and attract new talent.»
What are the keys to success?
This freedom of initiative is therefore useful for both companies and their employees. To implement it and ensure its success, it is necessary that all stakeholders cultivate it.
Thus, for it to work, entrepreneurship needs essential elements:
On the company’s side, it is necessary to:
- Establishing a framework that encourages the entrepreneurial mindset among employees. Managers must be involved and be the guarantors of the company’s policies.
- Having a clear selection of projects and motivated people to carry them out. The modalities of the projects must be clearly defined: hierarchical relationships, commitment, each person’s duties, rewards… Then, give each collaborator the chance to participate and believe in them all.
- Develop a genuine will and genuine support from the General Management. It is about listening, reassuring, sharing and co-creating. The management must also support intrapreneurs in case of failure and give them the opportunity to bounce back.
On the part of the employees, it is necessary to:
- Motivation is essential to embark on a new venture that you strongly believe in. In fact, the intrapreneur will have to take control of the project, bring it to the attention of management, and demonstrate innovation.
- An open mind to collaborate with other entities that are often external to the company. To build, the intrapreneurial team will probably have to rely on external providers, and will also have to draw on external sources to grow the project.
- Techniques for working in an agile and collaborative way. Entrepreneurship is changing management practices, fostering creativity and new agile methods such as design thinking.
Therefore, entrepreneurship allows the company culture to evolve towards greater accountability and autonomy given to the teams. To achieve this, the company must ensure that its management practices evolve. If you would like to learn more about entrepreneurship and how to implement it within your organization, the experts Talenco can guide you.