The word ‘entrepreneur’ has always been a mainstay in our professional dictionary. We see them in job descriptions, and in many articles we come across. From the likes of Bill Gates to the late entrepreneurial legend Steve Jobs, there is no shortage of stories on the topic. But today, we are diving into a similar yet significantly different word. Intrapreneurship.
The main difference between the two words is the settings in which they work. Both of them consist of creativity and innovation, a highly vital ingredient for companies and businesses to thrive and evolve. Yet, intrapreneurship is different in a way that every employee or leader in an organization has the opportunity to become one.
So why then is it vital for companies to cultivate a culture of intrapreneurship from within? Let’s find out more.
There is no doubt that for businesses and corporations to survive and remain competitive, innovation needs to occur. And not only that. The leaders involved in daily operations and decision-making also need to stay agile to stay relevant. Thus, with a healthy culture of innovation, ideas implemented can remain fresh and exciting for generations to come.
By introducing a culture of intrapreneurship in companies, a huge boost in employee engagement can be observed. It creates an environment of trust and confidence, especially when decisions made are not only from a top-down approach. This is crucial for long-term sustainability and having fresh perspectives from the people who make the company thrive from within, the employees themselves.
Here, I would like to share an in-depth whitepaper on insights into intrapreneurship done by Deloitte. A very detailed yet intriguing exploration on the implementation of cultivating a thriving culture of intrapreneurship into companies. Proven statistics and data backed up by case studies are included as well. A worthwhile read, definitely.
For this week’s bonus, I would like to share with everyone a short talk on why it is vital for organizations, no matter small or large, to introduce a culture of intrapreneurship amongst our employees. It is interestingly proven that 88% of the Fortune 500 companies in 1955, are no longer present partly due to their inability to keep up with the evolving market as well as a lack of innovation to remain competitive.
Three examples of companies that found success involving intrapreneurship are -
Sony: The Playstation is the best-selling gaming console of all time, and this would not have been the reality if not for a junior employee tinkering and exploring the possibility of a more powerful Nintendo console, which belonged to his daughter.
Facebook: The ‘Like’ button was a product of a coding prototype done by employees and has become synonymously known for its branding. It has also inspired and shaped other social media platforms to create ‘like’ buttons of their own.
Google: Believe it or not, Gmail was also an employee’s personal project done by Paul Buchheit, who wanted to change the way we used emails. He implemented the first successful search function, as well as a 1GB storage capacity to reduce the need to delete emails every few days.
With that, I hope you find success in implanting intrapreneurship in your teams and always stay creative and innovative in the work we do. Have a good weekend!
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Through recruitment, training and consulting, Timeo-Performance provides solutions for increased performance of companies, teams, and individuals. As our clients are in the center of global business and often serve the APAC region, our solutions need to be sustainable in a multicultural and remote context.
Our joint venture with Akteos, the European leader in intercultural training, and partnership with digital learning solutions provider CrossKnowledge have therefore been organic and logical additions to our service. Timeo-Performance has been helping companies in APAC increase business performance since 2008 with offices in Singapore, Malaysia, and Hong Kong.
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