Thursday, June 10, 2021

Innovatingviaintrapreneurship

In order to awaken innovation in the well-established organization, business leaders should think as an intrapreneur and act as a startup manager.

 

With rapid change, many organizations get lost or get stuck at the digital journey. They need innovation silver lining from specific tools rising to capability optimization to an overall problem-solving system environment, and expanding its influence with the ability to co-create and amplify innovation effect in a dynamic digital ecosystem.

 Corporate intrapreneurship has been recognized as potentially viable and innovation exploring in its growth-maturity business journey.

Renewal and enforcement of business competitiveness: Usually, a well established organization needs to strike the right balance of stability and growth, standardization and customization, centralization and decentralization, ”keeping the lights on” and generating new business models, etc. In essence, corporate innovation is about exploring the alternative way to grow the business, thus, intrapreneurship is a necessary practice to rejuvenate their organization, renew fresh energy, and enforce unique business competency. The management needs to contemplate how to develop a new business model or build up a startup culture; how to figure out an alternative way in which an enterprise intends to leverage the emerging technologies or uprising trends to make profit, etc. It presents a possibly even greater challenge and reward by pioneering the development of new products, processes, and services through enriching its competitiveness and developing business strength.

In practice, how the intrapreneurship activities can improve the organizational growth and profitability, depending on the company’s dynamic environment, their impact will increase over time. Intrapreneur leaders understand that it is the process, instead of maintaining hierarchy or status quo, that will create and enforce culture of creativity, harness change through systematic management disciplines. Innovation Management should fine tune viable business models via quantitative and qualitative lenses by clarifying related elements, structures, and constraints, becoming successful at both creating new forms of value and delivering and capturing from its existing forms. Technically, a viable business model is analytical and quantitative, adding all critical pieces which are needed for accelerating validation of facts about new business ideas, benefits and shortcomings, data and applications, competing technologies or methods, potential risks, and focusing attention on how all the elements of the business system fit into a working whole.

Acts of imaginative transformation: Intrapreneurship is about discovering the new path for transformation and balancing innovation with other organizational priorities, it presents a possibly even greater challenge and reward. Entrepreneurs think out of the box, break the rules if necessary to drive transformative changes, and present resilience. They can drive imaginative transformation, of moving beyond traditional business operations or incremental improvement; they can conceive of into a reality that others can perceive and touch and interact with.

To drive transformative change at the organizational level, you must first understand the concept of the true meaning of the organizational system and the underlying functions, structures, and processes. Some factors that could be used to evaluate digital transformation impact within a company could be resources invested, employees motivation and participation, challenging activities being involved, number of business initiatives being launched and success rate, and organizational culture evolution, etc. Good intrapreneur-leaders are systematic and good at calculating risks, have balanced viewpoints to perceive innovation success and failure objectively, capture opportunity, roll it out and measure performance result accordingly,

Continuum of learning, experimenting, and discovering: Practicing intrapreneurship in large enterprises needs to strike the right balance between stability and agility, having an iterative process of learning, experimenting and discovering, to rejuvenate culture and advocate innovation. There is a willingness to “not know” and be able to source possibilities; encourage the staff to think out-of-the-box, and enforce an “ownership” mentality, be curious and receptive to improvisation and be tolerant of failures, from letting go of the current reality to allowing an unknown future state to emerge.

Developing people’s innovativeness and the business systems’ innovation capability raise different "learning" issues that organizations must deal with smoothly. So, it’s important for leaders to ask tough questions, channel energy, enthusiasm, and ideas, etc, help organizations become more resilient, and nurture the culture of risk-tolerance. Besides talented innovators, creative cultures, an organization that has a lightweight process which allows creative ideas to flow, get protected, channeled and nurtured will succeed more often than an organization that does not have such a process.

To awaken innovation in the well-established organization, business leaders should think as an intrapreneur and act as a startup manager. Success comes to those who can bring the value that they create to the attention of their stakeholders by adopting more radically innovative approaches. A leading digital organization with innovation competency can handle innovation streams for different goals and different time frames, create new value, even become a game changer, position a strong business brand, and reach the next level of organizational maturity.

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