Entrepreneurship – the most talked about and discussed term in the corporate world. Its craze is very much conspicuous because of the whopping increase in the number of entrepreneurs these days. This is because “entrepreneurship” has somehow managed to grab a lot of eyeballs. But here is another unacquainted term in the corporate world Intrapreneurship which may not be as enticing as “entrepreneurship”.
Precisely, an intrapreneur is an employee who creates new products, services and systems and doesn’t have to abide the company’s protocols. Although eminent companies have significantly contributed in encouraging the rewards of these efficient employees. But the point to be pondered upon is the emphasis of this concept by the Indian enterprises, which form a formidable part of the innovative India!
Although the market has witnessed a staggering growth in business by allowing the free flow of ideas of their employees and thus, nurturing intrapreneurship. There are innumerable examples where companies have encouraged this concept to a great extent. A glaring instance of this, is that of the Virgin Airlines whose founder Sir Robert Branson hired a young, budding designer Joe Ferry to bring a solution for the problems posed by specification for upper class cabin in their airlines. Flying colours of success could be seen with the idea of herring bone configuration of the private sleeper suites – a paradigm of creative and unique thinking. Apart from this, 3M Corporation allows employees to spend 15 percent of their working hours to devote for developing their business or product ideas. Moreover, as a result of this policy, Post-It-Notes and other renowned products were fabricated.
There is a dire need of innovation within the organizations in today’s scenario. If these exemplary business standards and different yet unique strategies can be opted by the entrepreneurial firms then why can’t these existing organizations utilize their opulence in fostering innovation more readily? The epicenter lies in the fact that the leaders within a company say CEO, manager, executives are not treated as people who enable others and that’s the reason why renowned IT companies like Wipro and Infosys have intrapreneurial structures which are not yet fully result oriented.
The much talked about Google news is an outcome of an intrpraneurship opportunity given to an Indian employee Krishna Bharat. Moreover, here the 20 percent of the time can be allotted to the desired project which has a far reaching impact in elevating the innovative ideas of intrapreneurs. The service called “Shopping Trip 360” introduced by Infosys Technologies to help retailers and consumer packaged goods (CPG) companies to acquire visibility in in-store activity is an intrapreneurial effort . This should prove to be the trend setter for the other Indian companies as well. Various MBA institutes and B -schools have also shown their contribution by including global entrepreneurship programmes which include 20 entrepreneurs and intrapreneurs in the campus.
Thus this is the scenario where companies provide freedom and encouragement to their employees to establish new, contemporary ideas. Richard Branson puts it “Perhaps the greatest thing about an enable intrapreneurship form is that often everyone becomes enabled in what they are doing and they would feel like they own the companies.” So are the Indian companies geared up to embrace this situation when employees are working for themselves and not for someone else?