Entrepreneurship is not just needed at start-ups but also at established large firms. It is termed as intrapreneurship. This intrapreneurship is the case of proactively acting like an entrepreneur within the confines of a large firm. This helps organizations to keep pace with nimble-footed start-ups that are digital natives. Business innovations thrive when individuals take up ownership of work and establish newer streams. Google has a “20% time” formula where employees need to spend a fifth of their time on such innovations, while at Facebook several such new ideas emerge out of their hackathons. Such value creation need not be purely by building from scratch or by investing own money. Companies must actively introduce such intrapreneurship. Some such measures could be Idea fairs, Sandbox funds or hackathons. Even large corporations cannot often see beyond their origin. Google for example still earns a huge portion of its revenues from searches. Kodak and Lehman Brothers eventually folded due to the inability to see beyond their traps of origin. That is why such intrapreneurship is crucial.

Source:http://mitsloan.mit.edu/newsroom/articles/a-guide-to-intrapreneurship/?utm_source=mitsloantwitter&utm_medium=social&utm_campaign=intrapreneurship

Uploaded Date:04 July 2018