What do we mean by “innovation”? Innovation is both the creating and bringing into profitable use of new technologies, new products, new services, new marketing ideas, new systems, and new ways of operating
Intrapreneurship, the term coined by Gifford Pinchot that refers to entrepreneurship within an existing organisation, is the key driver to innovation and growth.
Indeed, innovative talent is the hallmark of the entrepreneur. Given the rapid changes in contemporary markets, a successful organisation is marked by a continuum of "start-over points" at which the venture is "recast" in form or function to master the challenges and opportunities. As a consequence, business owners can never outgrow their entrepreneurial beginnings, and managers must learn how to perpetually perform as entrepreneurs. Each must be able to continuously identify opportunity, organise talents, assume risks and make ready decisions to profitably create value for the marketplace. Because of entrepreneurial innovation - by its owner and its managers - a firm will be ever-able to exploit new, different and more relevant resources, techniques, processes and product or service configurations.
Unfortunately, bureaucracy in organisations stifles the entrepreneurial spirit. When the freedom to think, reason and act entrepreneurially is not forthcoming, frustration can cause people to become less productive or even leave the organisation - even going into competition with the organisation.
The future belongs to those that recognise the importance of developing entrepreneurial leadership within their organisations. Far too many highly trained and experienced employees merely think and act as hired hands. Professional complacency, lack of innovation and avoidance of ownership can no longer be allowed to be as rife as it is in business today.
The message is clear: Those organisations that do not move with agility will fall over themselves. The leaders who do not develop others will have no followers. The executive who does not think like an entrepreneurs will lose.
If, then, the future demands more entrepreneurial groundbreaking organisations, then future leaders must ensure that they develop and instill the entrepreneurial spirit in others and create an intrapreneurial climate in their organisations.
