Intrapreneurship Today and in the Future! – Neil Fogarty
The trend towards Intrapreneurship is increasing. So I sat down with Intrapreneurship Author and International Speaker and Expert to ask “Why Intrapreneurship?” I’d like to share some quick insights from the conversation.
4 Key Benefits
Neil highlights 4 key benefits that are to be obtained from Intrapreneurship:
New Revenue (attack new markets and competitors)
Profitability (as efficiency and performance increases)
Culture (innovation culture which can create new ideas for financial and social benefit)
Employee Engagement (dismantle silos and politics)
Although the above points sound like traditional gains a corporate would want to make, he is seeing big adoption from the public sector. The public sector are in many cases having to “do more with less” which offers the perfect conditions for intrapreneurship. Adeo Ressi, CEO of the Founder Institute says ”by their very nature, entrepreneurs specialise in driving results and creating innovative solutions with a minimal amount of resources. Employees in organisations of any size can benefit from adopting an entrepreneurial mindset to do the same within the enterprise.” Therefore it should not come as a surprise to see the public sector adopting these practices as they seek to stream line themselves and do more with less.
The public sector are in many cases having to “do more with less” which offers the perfect conditions for intrapreneurship.
In the video Neil gives some comments as to how Nike Plus, Lego and the UK Government are working with startups (co-creation) to launch new products, which he says is part of a modern organised over-the radar approach to embracing intrapreneurship, rather than the old under-the-radar approach described by Pinchot.
Management that just talk about being more innovative or entrepreneurial with out committing time, resources and money, with the understanding that it is an investment rather than an expenditure, will fail. Resistance to change from the teams can be a big obstacle also, which is why a grass roots approach rather than a tops down is more suitable – this helps you avoid the “negative players” in the room.
The Intrapreneur Ecosystem
Neil talks about an Intrapreneur Ecosystem Model which is comprised of 40 points to consider and breaks down into 4 key sections: Corporate, Innovate, Incubate and Accelerate. There are then different things to consider within each section whether to do with the individual intrapreneur, the initiative itself or the corporation. This then offers a framework to develop an ecosystem for “sanctioned intrapreneurship” where the organisation supports the process, rather than intrapreneurs needing to operate under the radar breaking rules.
Black Holes and Stella Nurseries
Neil and I discussed the future of how organisations might look. His view is that the organisation might look like a combination of “Black Holes” like Google and Facebook who “suck in” and acquire successful startups for large sums of money. On the other hand, “Stella Nurseries” which are like incubators who create many small startup stars will feed the Black Holes. The best incubators of the future may be big companies and governments that are able to churn out successful startups. Some of the startups from the Stella Nursery will grow and become successful and even turn in to a Black Hole themselves, sucking in other startups (in a repeat process). I’ll have to see if Y-Combinator, Tech Stars and the Founder Institute think corporates and governments could pull off such a trick!
The Director of Intrapreneurship
Neil believes that in the near future, organisations will start to have a “Director of Intrapreneurship (DIO)” – on the Board. Their role will be to support new innovation projects regardless of what type of innovation or from which silo they come from. Specialists and Interim Intrapreneurs will be needed to come in from outside of the organisation to provide different points of view and insights which will help break down the existing tribe. I thought this was a great analysis and very much in line with how the Academy for Corporate Entrepreneurship is structuring itself to support this idea.