INNOVATION BLOG

Many organizations say they’re all about innovation and intrapreneurship, but what does that mean? I said Intrapreneurship, not to be mistaken with Entrepreneurship. Basically, it’s about creating an environment within the organization that encourages creativity, risk taking, and coming up with new ideas. But what does an organization take to be innovative and intrapreneurial? Let’s take a look.

First, an organization focused on intrapreneurship needs to have a culture that’s open and receptive to new ideas. Everyone, from the CEO to the receptionist, should feel they can contribute. And the organization should set aside budget to develop and launch new ideas. There should be a place where employees can discuss their ideas, and the organization should support each employee’s ambitions. This kind of investment is vital to building a culture of innovation.

Next, team members should be encouraged to invest time in developing and sharing ideas with others. Each employee should be able to make a strong case for their idea with supporting data and financial forecasts. The organization should give employees the resources they need to understand their ideas’ value. And every employee should feel like a product manager, responsible for making their idea a reality.

Its about creating an environment that encourages creativity, risk taking, and coming up with new ideas.

The organization should also have a transparent process for evaluating ideas based on their potential impact, feasibility, and how well they fit with its strategy, vision and mission. But, again, the process should be transparent and fair so everyone feels good about it, even if their idea isn’t chosen.

Once an idea is chosen, an idea champion should be assigned to help its owner make it happen. These champions are experienced intrapreneurs with seniority and authority who know how to support an idea from start to finish. They work with experts like engineers, designers, and marketers to ensure the idea has the fuel it needs to succeed.

Finally, even after an idea is launched, the organization should have a way to evaluate its success and improve on it. Again, this should be a data-driven process considering how the market evolves.

An organization can be innovative and intrapreneurial if it has all these things. So, does your organization pass the test, or are you just saying you’re innovative without really living up to it?