There is a reason why the leaders in tech innovation tend to stay in the game for so long: They have creative and technical geniuses innovating within the fabric of their large corporations. The business world calls this practice "intrapreneurship", and it could be the ideal way to drive change in a business environment, as well as a method to identify new opportunities.
At Cloudworks, we will tell you everything you need to know about this practice that, without a doubt, will be leading the future of new work methodologies. Our coworking spaces promote synergies that facilitate the intrapreneurship that we discuss in this article.
What is intrapreneurship?
Intrapreneurship, in contrast to entrepreneurship, is the practice of creating, launching, and raising funds for your idea or business product while working as an employee within a larger corporate structure.
It is about identifying new opportunities and taking the lead to make them happen. Just as you would start a business from abroad, you must form a team, invest your own time, and aggressively seek executive patronage in the right department.
In other words, an intrapreneurship can be defined as a phenomenon that empowers employees within an organization, giving value to their ideas and converting them into a for-profit business model that can help to grow the company. In most cases, the organization bears the risks and losses associated with the failure of the intrapreneur's project.
Differences between an intrapreneur and an entrepreneur
There are key differences between an intrapreneur and the classic figure of an entrepreneur. Among these, we can highlight that an intrapreneur is an employee of an organization who is completely in charge of a commercial division or a particular product. Furthermore, the capital and resources are provided by the organization where you work.
While an intrapreneur has the responsibility and authority to run their division and idea, they are not completely independent. An intrapreneur begins their work under the framework of an existing organization. They just establish a new division with business opportunities.
An entrepreneur, on the other hand, is an independent individual who owns and runs their own business. An entrepreneur has to find their own capital and use their own resources. They are fully responsible for all their business decisions and have to start their entire business from scratch without the support of an organization that can provide an acclaimed reputation or financial resources.
The benefits of intrapreneurships for a company
Employers need to discover the benefits of intrapreneurship. Failure to promote entrepreneurship or recognize employees who demonstrate these qualities can be detrimental to a brand or company. Employers who encourage intrapreneurship benefit from the departmental or company success driven by innovation and growth. Companies that don't promote these individuals may lose talent to other companies, or they may leave and end up working for themselves.
Identifying intrapreneurs can sometimes be a challenge. These employees are generally entrepreneurial, ambitious, and goal-oriented. They are often able to solve problems on their own and come up with ideas that lead to process improvements. An intrapreneur may also take certain risks by taking on multiple tasks, even some beyond their comfort zone, in their search for new challenges. Learn more about the benefits below.
An intrapreneur is someone who is primarily focused on business operations. They ensure effective team productivity. They propose solutions to problems that cause workflow failures. Intrapreneurs are described as expert problem solvers. They focus on achieving goals through consistent effort.
Intrapreneurs encourage teams within an organization to be more productive and improve results. They keep track of workflows and constantly find ways to improve the overall company productivity. Our spaces are also designed to promote productivity.
Intrapreneurs are innovative and bring about effective change within companies. An intrapreneur will recognize what drives the company to reach a new level of growth. They are always coming up with solutions that would improve operations, relying on new technologies or work methodologies.
New business opportunities
Intrapreneurs are valuable employees who can take businesses to new heights and drive them to success. Business owners need to have a trained eye to recognize these figures and allow them to lead.
As leaders, intrapreneurs become invaluable for the company that can feed the different lines of their business. They develop new opportunities or improve processes to obtain increased profits.
Intrapreneurs are passionate and their energy is contagious. They are brave, fearless, and not afraid to revolutionize the companies they work for. They are willing to defy every excuse to find the perfect solution. All these qualities make them the drivers of work teams and allow them to earn the respect of their superiors and the admiration of their peers.
They are eager to explore options that can take the business to new heights and are not afraid of failure. Intrapreneurs know that failure is sometimes inevitable and are not easily discouraged. They quickly learn from their mistakes, improve, and move on. Everything they learn will be shared with their peers to ensure that together they reach their objectives.
Intrapreneur examples and success stories
In Spain and around the world, more and more companies are benefiting from having intrapreneurs on their payroll. Here are some success stories.
Since launching its revolutionary Model T in 1908, the Ford automobile company has come a long way. While much of their initial success was due to pioneering mass-production techniques, they remain a market leader today by seeking employees with innovative ideas.
Ford employees share more than 3,500 innovations each year. One such idea came from Doug Martin, whose inspiration struck when he noticed a few drops of condensation dripping from his car. So he began work on a prototype that converted the condensation from the car's air conditioning into drinking water.
If you are one of the more than 250 million people who visit the Amazon website every day, you may have noticed the attractive "buy with 1-click" button.
Amazon programmer Peri Hartman wanted to find a way to make the ordering system completely friction-free. So, he created the software to allow one-click purchases. It worked and was patented by Amazon in 1997.
This innovation not only provided Amazon with a huge competitive advantage, but it also provided Amazon with a new source of revenue as it licensed the technology to other companies (including Apple!).
We encourage you to start this new entrepreneurial adventure and try our offices. Immerse yourself in intrapreneurship in the best possible way with Cloudworks. We have a large team of intrapreneurs due to our innovation, productivity and motivation, the fundamental pillars of our continued growth. You will not regret it!