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Innovation and Intrapreneuring; Unleashing the Potential of Your Companies In ternal Entre preneurs

Innovation and Intrapreneuring; Unleashing the Potential of Your Companies In ternal Entre preneurs. Association for Corporate Growth Western Michigan Chapter January 21, 2009 Linda Chamberlain, Ph.D. Executive Director, WMSTI. Today’s Flow. 1. Why care about Intrapreneuring?.

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Innovation and Intrapreneuring; Unleashing the Potential of Your Companies In ternal Entre preneurs

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  1. Innovation and Intrapreneuring; Unleashing the Potential of Your Companies Internal Entrepreneurs Association for Corporate Growth Western Michigan Chapter January 21, 2009 Linda Chamberlain, Ph.D. Executive Director, WMSTI

  2. Today’s Flow 1. Why care about Intrapreneuring? 2. What is an Intrapreneur? 3. Uncovering your Intrapreneurs 4. Building Intrapreneurial Space 5. Planning the Intraprise 6. Intrapreneurial Honor Roll

  3. Why Care About Intrapreneuring? • Wildly Successful New Products/Services • Strong Competitive Positioning (sustainability) • Develops Positive, Rewarding, Pioneering Culture • Profitable Business Growth The Heart of an Innovation Engine

  4. Definition of an Intrapreneur • Those who take hands on responsibility for creating innovation of any kind within an organization. • The intrapreneur may, or may not be the inventor but is always the one who figures out how to turn an idea into a profitable reality. “The Dreamers Who Do” - Gifford Pinchot III Your Companies Internal Entrepreneurs

  5. The Intrapreneurial Grid Artist Intrapreneur Inventor Manager Planner Vision Worker Action

  6. Inventors Business Managers Planners Intrapreneur Sales/Marketing Researchers Ideation Development Launch The Implementation Gap in Company Innovation Intrapreneurs build a business case, AND execute!

  7. Successful Intrapreneurs are….. • Thinkers and Doers • Highly self disciplined, confident, and determined • Highly dedicated to the corporation • Motivated by freedom to act, access to resources, and achieving goals (and recognition for same) • A strong leader to a vision AND getting the job done • Know business • Customer Focused

  8. Successful Intrapreneurs are willing to... • Be fired, but appear orderly! • Do any job ignoring title/status (the Solo Phase) • Follow intuition and work with only the best • Work underground (the Bootleg Phase) • Take calculated risks • Circumvent orders to follow the passion • Build a strong team (the Formal Team Phase) • Honor their sponsors/protectors

  9. Uncovering Intrapreneurs So, can you think of anyone in your company that fits these characteristics? And what is your company doing about it?

  10. Building Intrapreneurial Space • Audit your Companies Environment • what are your guidelines for “innovation?” • how does your company STOP doing something? • what are your tools to create micro-environments for innovation? • how can your intrapreneurs win against the organizations immune system, i.e. the current systems that may be over-controlling, over analytical, and risk adverse? Where are the “freedoms” in your organization?

  11. Intraprenuerial “Freedom Factors” • Let Intrapreneur Self Appoint to the Role • No Handoffs • The Doer Decides • Corporate “Slack” • End the “home-run” philosophy • Tolerance of risk, failure, and mistakes • Patient money • No turf battles please! • Cross-functional teams • Multiple Options

  12. Inventor Intrapreneur Sponsor Protector Planning the Intraprise • Create the Action-oriented Business Plan • Attract a Team and Build Consensus • Raise Money (intracapital) • Set clear Milestones/Deliverables with Go/No-Go Decisions • Identify and Secure Sponsors/Protectors

  13. Inventor Intrapreneur Sponsor Protector Building a Secure Opportunity Understands the product, but not how to make a business of it. Attention is on the business realities; May need help with Corporate politics. Attention is on removing barriers, and giving advice to the Intrapreneur. Attention is on approving and protecting the Intrapreneur. Who in your organizational can fill these roles?

  14. Need all 3 to Succeed! Choosing the Next Great Thing • Develop 2-4 intraprises in parallel…. • Must Meet Three Kinds of Needs: • The customer’s needs • The corporation’s needs • The intrapreneur’s needs • Uncovering ideas: • Brainstorming • Cross-fertilizing • Market Research • Proprietary Technology • Complementary Products/Services • De-feature an Existing Product/Service

  15. Rewarding the Intrapreneur • Recognition • More freedom • The opportunity to do it again (use earnings to fund new efforts)

  16. Intrapreneurial Honor Roll • Brian Ehlers: Apple Tablet • Art Fry: Post-it® Note Pad • Lee Iaccoca: The Ford Mustang • Michael Phillips: Master Charge • Mike Suman: JCI Homelink

  17. Intrapreneuring Encourage it Plan it Protect it Reward it Sustainability for Corporate Innovation The best of both worlds: combining the resources and security of a corporation with the freedom and creativity entrepreneurism!A WIN-WIN!

  18. Reference • Intrapreneuring, Gifford Pinchot III • International Institute of Intrapreneurs

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