This archive report was first published on 11 November 2019.
On November 11, 2019, Cathy Mputhia wrote about the importance of embracing intrapreneurship in organizations.
Intrapreneurship is a business strategy where a company allows its employees to implement new ventures and projects, similar to entrepreneurship.
Embracing intrapreneurship has several benefits, including the growth of the business, promotion of innovation, and attraction of creative staff.
According to Eric Ries, author of The StartUp Way, continuous innovation is key to a business's long-term success.
For intrapreneurship to thrive, organizations must be willing to adapt their internal policies and structures to encourage innovation and creativity.
This includes maintaining an open-door policy, recruiting innovative staff, and institutionalizing intrapreneurship through departments or think-tank teams.
A sound legal policy is also crucial, with employment contracts that protect the organization's investment and define intellectual property rights.
Facebook is a great example of the benefits of intrapreneurship, with the 'like' button created by staff during a hackathon.
