Intrapreneurship involves taking on an entrepreneurial role within a large company by developing new ideas and innovations. An intrapreneur is defined as an individual within an organization who takes responsibility for turning ideas into profitable products through risk-taking and innovation. Companies benefit from intrapreneurship through competitive advantages from new innovations that intrapreneurs bring to market. Intrapreneurs benefit through flexibility, recognition, increased value to the organization, and increased compensation. For intrapreneurship to succeed, companies must encourage creativity, grant ownership to intrapreneurs, and treat intrapreneurial teams as profit centers.

1. Intrapreneurship Becoming an Entrepreneur on the Job

2. What keeps most people from becoming entrepreneurs? Funding Manpower Strong backing Branding/Marketing Fear

3. What is your definition of an intrapreneur?

4. Intrapreneur A person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk taking and innovation. Intrapreneurs have entrepreneurial skills blended with managerial skills but operate within the confines of an organization.

5. History of Intrapreneurship Word was coined in 1976 by Gifford and Elizabeth Pinchot Based on their concept of an intra-corporate entrepreneur School for Intrapreneurs in Sweden in 1985 The American Heritage Dictionary made the word mainstream by adding it in 1992

6. Positive differences between entrepreneur vs intrapreneur Funding company/organization often has capital to fund the project Manpower intrapreneurs do not have to worry about finding the talent to get tasks performed Branding intrapreneurs can use the branding of the company/organization to get their ideas to take root

7. Quick Triva Question Do you know the difference between a intrapreneur and a intrepreneur?

8. Intrepreneur One who sets up, maintains and assumes the financial risks of an Internet business venture not to be confused with intrapreneur or the more traditional entrepreneur. They are the new breed of Internet Entrepreneurs.

9. Name some companies started by intrepreneurs? Google Yahoo MySpace Facebook YouTube Second Life LinkedIn eBay

10. Characteristics Results driven Ambitious Creative Original Self Confident Risk Tolerant Persistent Influencing High Energy Action oriented Interpersonal Innovative

11. Misdiagnosed Characteristics Ambitious – over zealous Creative – does not follow guidelines Persistent – pushy Self confident – cocky Innovative – dreamer High energy – high strung Risk Tolerant – bends the rules / challenges the system

12. Defined as… Intrapreneurs are “dreamers who do”, those who take hands-on responsibility for creating innovation of any kind within an organization. Gifford Pinchot The intrapreneur is an essential ingredient in every innovation. Dr. William Souder

13. Why should organizations embrace intrapreneurs?

14. Innovation To create and bring into use profitable new products, processes, services, and ways of doing business. Creation of new or alternative products Opening of a new market Capture of new sources of supply

15. Intrapreneurial Activity Spotting ways to improve service Save time, money, or make life easier Visualizing variations of current products / services Realizing new communication avenues with customers Enhancing the quality New ways to get the job done quicker or smarter

16. How does Business benefit? Firms create competitive advantages by discovering new and better ways to compete in an industry and bringing them to market An enterprise that does not daily innovate inevitably ages and declines Even in a successful business the disease of bureaucracy and complacency is dangerous

17. How do Intrapreneurs benefit? Flexibility Less restrictions but supportive environment Recognition Their ideas are vehicles towards advancement Increased value to organization - increased PAYCHECK

18. Implementing the Intrapreneurship Culture Encourage employees to be creative and to look for new ways to improve your current way of doing business Grant intrapreneurs something akin to ownership rights in the internal intraprises they create Encourage company wide involvement by insisting on truth and honesty in marketing and marketplace feedback

19. Implementing the Intrapreneurship Culture Treat intrapreneurial teams as profit centers rather than as cost centers Allow team members a variety of options in jobs, in innovation efforts, alliances, and exchanges Encourage employees to develop through training programs

20. Companies that get it 3M Post-It Notes Apple Ipod Google Orkut Google News

21. CONCLUSION – The onus of being Innovative, risk oriented and proactive within the ecosystem does not necessarily rest with the Entrepreneur…. Farsighted Entrepreneurs should invest in their Human Resources and convert them into value generating Intrapreneurs and avoid taking on employees as competitors when they create their own ventures.