Corporate entrepreneurship policies are essential for talent retention and innovation from within the organization.
The growth of an organization is usually accompanied by more bureaucracy, better definition of functions, separation of tasks, hierarchical structure, slower decision making, etc. All this does not have to be considered negative, as it is probably part of and in some way necessary to respond to the growth of the organization. However, nowadays companies are beginning to realize that traditional businesses are not as solid as they used to be and it is necessary to refocus their efforts in order to survive.
Today’s environment is highly competitive and the rapid technological transformation allows the entry of new “players” (startups) that through disruptive innovations and in an agile and flexible way, with innovative business models, are rapidly gaining market share even in markets considered classic and exclusive territory of large organizations.
Additionally, organizations are facing the massive entry of the Millenials generation (born between 1980-2000), digital natives, with very different perspectives of their role in the labor market and who value the possibilities of personal growth and participation offered by startups. As a result, talent is moving away from traditional organizations (which were attractive for their salaries, stability and growth possibilities) towards small companies (innovative, informal, participative, dreamers).
These threats should not be underestimated by large organizations but should be seized and turned into an opportunity to turn their internal policies around. The creation of an intra-entrepreneurial ecosystem is not a matter of fad but a necessity.
Of the list of the 500 largest companies in the world 60 years ago, only 65 (13%) are still among them.
Turning a highly bureaucratized organization around is not a simple matter and requires time, resources, a strong will on the part of management and a rigorous methodology to achieve it.
In summary, the three basic stages that our plan to develop intrapreneurship must contain are outlined:
The first aspect to define will be the strategy that each organization will follow, establishing objectives, setting limits, that is, establishing a framework, a guide to develop intrapreneurship. Each organization is different and therefore, there are no predefined ideas at this point. Each organization must freely establish its strategy.
The second key point will be to have the basic elements of the ecosystem in place to create a climate conducive to innovation. This may include reviewing barriers to talent entry, detecting intrapreneurs, setting incentives, creating mentors or internal leaders to promote intrapreneurship, establishing specific training plans or even redesigning offices to encourage the creation of ideas.
The third essential aspect will be to have a methodology that allows us to generate ideas, filter them, develop projects and finally reach the market. This will be one of the fundamental keys to a return on our investment: the speed to reach the market without errors.