Why We Need Intrapreneurship | The New Corporation
Intrapreneurship, the organizational movement that drives innovation from within, is led by seasoned executives and researchers such as Chitra Anand. With an educational foundation from Harvard University and the University of Bradford and past leadership positions in Fortune 100 organizations, Chitra is currently the advisor to ASTOUND Media Group and other high-growth companies. Chitra uses her doctoral research on intrapreneurship to build a framework that organizational leaders can apply to innovate from within. Hear from Chitra below and read on to learn more about intrapreneurship from one of the movement’s trailblazers.
Why Do We Need Intrapreneurship?
The world has changed. We are now in what is being referred to as the third industrial revolution. The digital revolution has fundamentally changed the way we eat, sleep, cook, shop, communicate, and work. From a business perspective, we called it the digital revolution. It has been said that every company should be a tech company. What does that mean? It means that all organizations, regardless of industry, should be scanning, scoping, and better understanding what tools, apps, and technology are impacting their industries. They should be understanding how technology is impacting their customer bases.
Why Do Leaders Need Intrapreneurship?
Organizational leaders rely on intrapreneurial practices to answer these questions:
- How are customers being serviced?
- How are customers being communicated to?
- Who are they communicating with?
- How is technology impacting the company’s employees?
- How does a company use technology to collaborate?
- How do companies communicate with one another to realize efficiencies?
- The fourth revolution is already upon us. Artificial intelligence is making headway in the form of self-driving cars, drones, and virtual assistants.
What Does This Disruption Mean for Businesses?
Disruption is occurring from new competitors who have access to global networks for marketing, sales, and distribution. These new entrants are faster to market.
Innovation is about more than just launching new products to market.
With the rise of social media, consumers now have more power and influence on businesses because they can express their opinions on a variety of new accessible public platforms and spaces. This access presents a challenge on how companies stay relevant and competitive given these external forces.
The opportunity is to constantly drive innovation. Innovation is about more than just launching new products to market—it’s about being connected to your customers in interesting ways. Organizations must find ways to adapt the way they engage with their customers, design new products, and operate services. This opportunity is big and challenging for larger organizations. How can a big company innovate fast enough given that they are complex, process-driven, and highly governed? It is my belief that one of the most effective ways in addressing this question is to develop a culture of Intrapreneurship and to build your tribe of intrapreneurs.
Written by Chitra Anand, Communications Executive and Advisor to High-Growth Companies; edited and produced by Kelsey Bober, Content Manager for Bridgepoint Education