Intrapreneurship allows employees to explore new ideas and innovate within the organization, driving growth and competitiveness. It fosters a culture of creativity and entrepreneurship that can attract and retain top talent. By investing in intrapreneurship programs, companies can tap into the potential of their employees and stay ahead of the competition.
However, intrapreneurship is challenging for companies because it requires a culture that is open to new ideas and risk-taking. Many organizations prioritize maintaining the status quo and do not invest in new initiatives. Additionally, employees may be hesitant to share their ideas or take on new projects if they fear failure or lack management support.
An intrapreneurship program can address these challenges. By providing a structured framework and dedicated resources, companies can encourage employees to explore new ideas and take risks in a safe and supportive environment. The program can also align employee initiatives with company goals and provide a clear path for innovation and growth.
Here is what a typical 12-week program would look like:
Week | Phase | Participant Activities |
1 | Kickoff | Discover the reason behind the program, the schedule, the reason behind the program, the approach and the teams |
2 | Customer Exploration | Refine the initial idea, and identify the underlying assumptions. Decide on customer segment and potential early adopters. Start with the first customer feedback. |
3 | Customer Exploration | Exploring the customer need. Interviewing customer about their potential problem and need. See Problem interviews. |
4 | Idea Testing | Use customer inputs to design a value proposition. Build a first prototype to test the value proposition. |
5 | Idea Testing | Gather customer inputs on the value proposition. Adjust based on customer feedback. |
6 | Revenue Estimates | Continue to integrate customer feedback. Compute conversion rates, and validate revenue model. Look at revenue potential. |
7 | Sponsor Check-Point | Present the progress done so far and the orientation the project is taking. Ask for support and feedback. Decision to continue, pivot or stop. |
8 | Customer Targeting | Refining customer segment and value proposition. Defining the minimum customer journey to deliver value to the customer. |
9 | Concept Testing | Implement the minimum customer journey and first onboard customer. (MVP) |
10 | Concept Testing | Implement the minimum customer journey and first onboard customer. (MVP) |
11 | Business Modelling | Quantify the value created. Explore feasibility and costs. Calculate revenue for 5 years. Define possible go to market approach |
12 | Fund raising | Prepare investor pitch deck. Validate alignment with the initial company objectives. |
— | Demo day | Share the concept & progress with sponsors. Request possible investment to move forward. Decision to continue, pivot or stop. |
For an intrapreneurship program to be successful, it needs to foster a culture of creativity, innovation, and risk-taking, while also being structured, resourceful, and aligned with company goals. It's important to encourage employees to explore new ideas and take risks in a safe and supportive environment.
In addition to a well-planned schedule, other factors are necessary for the success of an intrapreneurship program:
Engagement of the management: The success of an intrapreneurship program depends heavily on the support and engagement of the management. If the management does not actively support the program, the participants will not have the necessary time or resources to develop their ideas. Without management's support, the program is likely to fail.
Time allocation: Most intrapreneurship programs rely on employee goodwill, and some allow employees to dedicate time to the project. We have observed that if no time is allocated to the project, it does not progress as quickly as it could, and the program does not produce impactful results.
Coaching: After the team starts working, they require direction to unite and focus on the most crucial aspects of their idea. That's where the coach enters the picture, making sure the team is progressing, cooperating effectively, and completely involved in the project.
Program communication: Clear communication is essential not only to onboard employee but also throughout the entire program. The organization must understand that employees who participate in the intrapreneurship program will work differently and carry out small experiments.
Follow-up on proposed idea: The intrapreneurship program generates a new dynamic and momentum by encouraging employees to develop their own projects. We have noticed that failing to follow up on the proposed ideas leads to reduced motivation and engagement in the long run.
Intrapreneurship is a crucial tool for innovative companies. It fosters creativity and innovation within the organization, which drives growth and competitiveness. By investing in intrapreneurship programs, companies can harness the potential of their employees, attract and retain top talent, and provide the structure for employees to explore new ideas and take risks in a safe and supportive environment. Although establishing and maintaining an intrapreneurship program requires effort, the potential benefits for the company make it a worthwhile investment.