By definition, intrapreneurship refers to entrepreneurial activities
of employees in their workplace. In other words, behaving like an entrepreneur
while working within an organization. Not necessarily large, by the way.
Actually, it is usually easier to be an intrapreneur
in a small business than in a huge multinational corporation.
An intrapreneur, according to The American Heritage Dictionary is "a person within a large corporation who takes direct responsibility for
turning an idea into a profitable finished product through assertive
risk-taking and innovation". In other words, into a ‘business within a
business’ – a product, service, business unit, etc.
In a broader sense, more applicable to a CBA, an
intrapreneur is ‘a corporate employee,
who turns a potentially profitable idea into a corporate project that
generates a significant amount of financial and aggregate value’.
Why more appropriate? Because of IRACORACI. For your company
(or any company, for that matter), it really does not matter how to generate
financial value – by increasing revenue with new products and services,
avoiding costs, optimizing risks or avoiding increase in working capital.
Therefore, any
idea (not just a new product or service) proposed by an intrapreneur that can
do at least one of these things, deserves support and implementation.
What needs to be done to maximize financial value created by
your intrapreneurs (which can be very
substantial) and thus to radically increase the efficiency of utilization of
your human capital? A highly efficient corporate intrapreneurship management system (IMS).
Which must include the following four core components:
1.
Personalized and customized intrapreneurship motivation system - comprehensive and
well-balanced between financial (e.g,
share in cash flows from a new product) and non-financial (emotional) elements.
2.
Idea evaluation
system – complete with documentation/presentation requirements; financial
valuation models; IRACORACI description; methodology, process and tools; and,
last but not the least, highly competent and motivated personnel. The last one is no less vital component of your
IMS than the intrapreneurs themselves
3.
Idea implementation
system, including financial, operational and business plan templates; highly
efficient corporate process; no less efficient support system – financial, managerial, technical and other
resources; and, of course, the right procedures for integrating each new intrapreneurial project into your whole
business system – with maximum synergy, of course.
4.
Post-implementation evaluation system – with the usual ACRC – analysis, conclusions,
recommendations for improving both the results of idea implementation and improvement
of your whole IMS supported by the necessary comments and all relevant
corporate documentation
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