Saturday, January 23, 2021

Inspiring Intrapreneurship

Running an innovative business doesn’t mean everything goes rogue, practicing intrapreneurship in the large organization also doesn’t mean getting rid of all rules. It is about creating the future via learning, experimenting, and discovering.

Intrapreneurship is about creating a new venture within established organizations to leverage the startup culture for catalyzing innovation. The great intrapreneur leaders can envision how abundant information and emerging technology trends impact on the business direction and how the exponential growth of information becomes the time-intensive piece of digital innovation. 

Intrapreneur-leaders deploy new ideas, new processes, and new adventures to adapt to change, take generative, iterative, integrative, and holistic approaches, and balance innovation with other organizational priorities.

Idea management:
To rejuvenate the organizational culture, business leaders today should think as an intrapreneur and act like a startup manager, unleash business potential, design new business models, and investigate different paths for accelerating business growth. Innovation thrives with diversity. Homogeneity is the bottleneck of idea generation, and silo setting will stifle idea creating and flowing. Innovation often happens at the intersection of company and customers. The original germ of a creative idea is often, if not always arrived through the interaction of ideas from different domains of thought and experience. Organizational leaders communicate with business partners, customers, and varying shareholders, to understand their needs and collect feedback, generate great ideas, recharge the business model and manage innovation in a structural way.

What're the obstacles to build scalable idea management throughout the enterprise, even across silos and geographies? Intrapreneur leaders should ponder all sorts of critical issues, bringing optimism to influence the organization’s culture. They are the owners or stewards of idea management, break down bureaucracy, idea bottleneck, linear knowledge box, transform problems and opportunities into tangible and value-creating ideas to build solid business values. Technically, a well-considered platform with a set of collaboration tools for innovation, in the given culture, operating environment, and governance, is an integral part of innovation management planning and implementation. Besides hard factors, communication, collaboration, and coordination are necessities for good idea management and shaping the culture of innovation.

Capability management: Practicing intrapreneurship also means enterprises should get smarter and flexible in developing dynamic capabilities and building unique business competencies. In order to capture the potential value of their business investments, the executive teams must have a clear understanding of the link between capabilities and innovation strategies. Highly innovative organizations usually have a good innovation strategy to frame effective constraints and facilitate digital dialogues to diagnose problems. They also have a powerful innovation navigation system to detect opportunities for innovating, generate fresh ideas by tapping the business ecosystem, and build differentiated business capabilities. So they can practice intrapreneurship more effortlessly.

The problem is many business people are practical, pragmatic, process-driven or results-focused, but building unique capabilities takes time and strategy. Digital organizations implement ideas and practice intrapreneurship via building dynamic capabilities and developing organizational advantage. They need to identify capability gaps in the context of future need, or capability dependency, and be sufficiently aware of the "general condition" of the various capabilities, learn how to build the dynamic business capabilities via those existing building blocks, how to improve business capabilities based on their enterprise strengths and how to integrate them into cohesive and differentiated business competencies.

Uncertainty management: Though there are both opportunities and risks in uncertainty, somehow, it is affecting the short-term business goals and are often forcing the companies to act differently for adapting to the emerging property and varying circumstances with the rapidly changing market scenario. To improve the success rate of intrapreneurship, handling uncertainty effectively is fundamentally the ability to adapt to the business dynamic. Technically, to deal with uncertainty smoothly, information management and knowledge management should be managed holistically as the corporate asset, refine information into business foresight and customer insight, grasp growth opportunities and prevent risks proactively.

Uncertainties are a common occurrence in any walk of our progress, be it social, professional or personal life. Take the “entrepreneurs’ spirit to turn the status quo upside down for dealing with uncertainty and practice intrapreneurship. The problem is not uncertainty rather, it is unpreparedness towards the efficient handling of uncertainty. The management can truly have a humble attitude to collect information and feedback, do enough homework for planning (not just make the plan) with necessary adjustment on the way to fit the emerging situation, and broadly involve the organization for adaptation, they are on the right track for managing uncertainty systematically.

Running an innovative business doesn’t mean everything goes rogue, practicing intrapreneurship in the large organization also doesn’t mean getting rid of all rules. It is about creating the future via learning, experimenting, and discovering. A high-innovative business has more discipline, not less, promoting and sustaining organizational performance, build and renewal corporate competitiveness.


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