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Corporate entrepreneurship involves teams within established companies launching new businesses that leverage the parent company's resources. There are four models of corporate entrepreneurship: enabler, opportunist, producer, and advocate. Companies also innovate through either radical or incremental innovation. Radical innovation introduces completely new technologies while incremental builds on existing competencies. Successful corporate entrepreneurship requires an innovation culture that encourages risk-taking and learning from failures. Identifying promising intrapreneurs and providing resources and support through corporate venturing helps established companies develop new businesses from within.
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Materials.pptx
- 1. 1 Materials
- 2. Defining the concept Corporate entrepreneurship is the process by which teams within an established company conceive, foster, launch and manage a new business that is distinct from the parent company but leverages the parent’s assets, market position, capabilities or other resources.
- 3. The Corporate Entrepreneurship Process
- 5. The Four Models of Corporate Entrepreneurship THE ENABLER “Company provides funding & senior executive attention on prospective projects” THE OPPORTUNIST “Company has no deliberate approach for corporate entrepreneurship. Internal & external networks drive concept selection & resource allocation.” THE PRODUCER “Company establishes & supports a full- service group with a mandate for corporate entrepreneurship” THE ADVOCATE “Company strongly evangelizes for corporate entrepreneurship, but business units provide primary funding” Dedicated Ad-Hoc Resource Authority Diffused Focussed Organizational Ownership
- 8. 8 Types of Innovation in Corporate Entrepreneurship Radical Innovation Incremental Innovation “New to the entire world.” - Google Glass -Google’s Self Driven Cars “ New to the organization itself.” -Auto-complete, Voice Search, Universal Search etc.
- 9. How they are different ? Radical Innovation Incremental Innovation Utilizes existing competencies, skills & expertise Risk is low Business model remains same Market Share remains the same Requires new competencies, skills & expertise Risk is high Changes the business model Helps in increasing the market share Explores new technologies Exploits the existing technologies
- 10. 10 Creating an Innovation Culture for Corporate Entrepreneurship The story of innovation has not changed. It has always been a small team of people who have a new idea, typically not understood by people around them and their executives.- Eric Schimdt - Chairman Google
- 11. 11
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- 13. #5 Successful Innovation till 2015 Project Loon Google Search Google Glass Google Drones Google Self Driven Cars
- 15. Conceptualizing Corporate Entrepreneurship Strategy A vision-directed, organization-wide reliance on entrepreneurial behavior that purposefully and continuously rejuvenates the organization and shapes the scope of its operations through the recognition and exploitation of entrepreneurial opportunity.
- 16. Critical steps of a Corporate Entrepreneurial Strategy STEP 1 Developing the vision & mission Encouraging Innovation Structuring for Intrapreneurial climate Developing individual manners for corporate entrepreneurship Developing Venture Teams STEP 2 STEP 3 STEP 4 STEP 5
- 17. An Integrative Model of Corporate Entrepreneurship Strategy Source: Duane Ireland, Jeffery G. Covin, and Donald F. Kuratko, “Conceptualizing Corporate Entrepreneurship Strategy,” Entrepreneurship Theory and Practice 33, no. 1
- 18. 18 Corporate Venturing & Identifying Intrapreneuers
- 19. 19 Corporate Venturing Create new business within an existing business. 4 Key Elements
- 20. Culture powering Corporate entrepreneurship Work on frontiers of cutting edge technology, and embrace new ideas. Encourage experimentation, people learn from their mistakes. Ensure no organizational obstacles are present that inhibit creativity. Resources are available and easily accessible. Multidisciplinary teamwork approach, and establish long time-horizon Intrapreneurship through volunteer programs. Appropriate reward system & Support from top management.
- 22. Establishing Intrapreneurship Secure commitment to corporate entrepreneurship by different management. Identify areas & the amount of risk money where top management is interested. Use technology to enable flexibility. Appropriate training programs should be adopted. Exploit current set of database and work with least set of resources. Establish strong support system and proper evaluation mechanism.
- 23. 23 Failures, Planning & Success Mantra
- 24. Intraprenurial Failures Google Wave • Emails • Maps • Social Networking • Instant Messaging • Media Sharing
- 25. Reasons for Failure Process Complexity Lack of Ability Process Inadequacy Uncertainty Deviance A process composed of many elements tends to break down An individual doesn't have the skills, conditions or adequate training the perform the task A competent individual adheres to prescribed but faulty or incomplete process An individual chooses to violate and a prescribed process or practice Lack of clarity about future events and unplanned situations
- 26. Failure Planning Is a more thoughtful and a practical approach. Helps being more analytical and objective by looking at all possibilities. Helps you move on. Learn from your failures and bounce back stronger. Keeps you away from resting on your laurels and strive harder.
- 27. Create a Learning Culture Make Risk-Taking and Failure Acceptable Give People Ownership Support People With Ideas Create a Safe Place for Innovation Celebrate and Reward Intrapreneurial Behaviour Encourage Cross-Discipline Projects Encourage Knowledge Sharing Create and Allocate a Funds Success Mantra
- 28. Entrepreneurs VS Intrapreneurs Entrepreneurs Intrapreneurs Independent in Operations Self Fund Raising Operates from outside Begins with a new enterprise Dependent on organization resources. Fund raising & resources by organization Operates within organization Brings new ideas to an established organization.
- 29. 29 Decide what you want to be?