Let our Intrapreneurship 101 give you a better idea of what it takes to set up a successful innovation process within your company. Over the years of supporting many corporates in running intrapreneurship programs, we have put together a compilation of some of the major advice in order to be successful with your initiatives:
1. Stop generating ideas and start creating ROI instead
Many intrapreneurship programs put the major emphasis on creating ideas. The good news is, the idea is very often the starting point. The bad news is that an idea is the starting point. It is a simple equation: the more resources you invest in idea generation, the fewer resources you have for turning them into value-generating products and services. Make sure that you put your focus on turning ideas into valuable products.
2. Look for the right numbers at the right time
The major quality of ideas in an early phase is not a business case that shows millions based on assumptions but a strong team that is ready to iterate and adapt their idea until they are able to propose an exciting value proposition to customers. So, start looking for the right numbers at the right time, e.g., the number of ideas validated and the number of milestones reached on time.
3. Educate your executives
If you empower intrapreneurs, you need to make sure that the executives are ready to join the journey alongside them. In practice, this means providing room for iterations of the idea, accepting tests, and developing a learning mentality as well as quick failures. If your executives keep evaluating innovation projects in the same way as every other project, your intrapreneurs will not survive. Based on our learnings, we developed our training and education tools catering to employees and top-level executives.
4. Make your intrapreneurship programs sustainable
We think that organizations should follow a systematic approach toward innovation to achieve long-term success. On one side, this means to make sure that the participants of your programs are positive even though their idea has not made it to market; on the other side, it refers to establishing processes that drive efficiency up and bring down costs. Make sure to also check out our blog post on finding the right intrapreneurship program to reach your business goals (and get inspired by intrapreneurship models used by companies such as Atlassian and Austria Press Agency).
5. Intrapreneurship is about teams
Within a larger organization, you have many different roles besides intrapreneurs with the vision for the solution. You need to have a team of colleagues with the right skills and motivation to join the journey. In addition, you also need to have all the colleagues that are not officially part of the core team but support it in different ways such as giving feedback, providing budget, opening-up contacts as well as taking over their work while they are working on the solution. To make intrapreneurship sustainable, all those roles need to be considered and taken care of.
We wish you all the best for your project, if you have any questions, please shoot us a message: firstname.lastname@example.org
Download our free whitepaper
"Intrapreneurship: How to empower your employees to innovate"Get the whitepaper