Intraprenurship is a prevailing topic in innovative development of corporate hackathon. ‘Intrapreneurship’ refers to ‘Corporate Entrepreneurship’. The corporate's employees can use design thinking to start their own business with internal resources while employed. An intrapreneur will turn their ideas into new products or services, leading to an innovative corporate culture.
Unlike general entrepreneurship, intrapreneurship uses a corporate's existing framework and resources to help develop a broader entrepreneurial culture and promote innovative ways of thinking among employees. Let’s learn about the 5 benefits of intrapreneurship for your corporate culture!
1. Bringing Greater Creativity to Your Business
Employees who engage in intrapreneurship are often adventurous, challenging new goals, thinking of ways to improve existing products or services, finding and trying to fill unmet needs in the markets, as well as bringing creativity as an integral part of the revolutionary corporate culture.
2. Discovering More Opportunities
Entrepreneurial-minded employees are skilled at constantly examining the changes around them and the market environment to capture new opportunities for intrapreneurship. They tend to find ways to grow their business and drive innovation in the corporate culture.
3. Improving Operational Efficiency
Intrapreneurs understand the value of early-entering the market. They plan for innovation and implement ideas with great efficiency, as well as carefully test the actions to improve the effectiveness of their business.
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4. Increasing Profitability
When your employees think in line with intrapreneurship, they make decisions based on profitability and set the bottom line. They do not just sell a project or idea because it sounds cool or interesting. Instead, they come up with potentially profitable ideas and do what they can to achieve the maximum benefit at the lowest cost and increase profitability.
5. Delivering a Better Customer Experience
Intrapreneurs plan innovative projects from a customer experience perspective, using data to analyze customer needs and design customer-centric strategies to maintain customer satisfaction and loyalty to your corporates.
In short, intrapreneurship not only gives employees the opportunity for personal development but also retains highly valuable employees who focus on innovation in the corporate group, making it a win-win project that opens doors to new opportunities both internally and externally. For more examples of actual intrapreneurship, see the next article.
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