Firms known for their corporate entrepreneurship activities happens when teams within an established firm conceive, develop, implement, and manage a new business that operates independently from the parent company but leverages the parent’s assets, market position, skills, and other resources, they are engaging in corporate entrepreneurship.
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corporate entrepreneurship companies
Corporate entrepreneurship, also referred to as intrapreneurship, is a strategy that enables employees of established businesses to look for new business opportunities.
This strategy encourages innovative thinking and calculated risk-taking, which enables the corporation to develop new businesses, products, and processes.
The concept of corporate entrepreneurship has been successfully adopted by a number of significant companies. Prominent corporations such as Cargill Inc., Motorola Inc., and IBM Inc.
Make substantial investments in their respective divisions to support the producer model of corporate entrepreneurship.
Ken Kutaragi’s intrapreneurial mindset contributed to the development of the PlayStation, which serves as an additional illustration of this point with regard to Sony.
Other companies, such as McDonald’s, Amazon, Southwest Airlines, and Starbucks, have also found that intrapreneurship is effective. 3M, for instance, has developed over 55,000 commercially viable products, including well-known brands such as Post-it Notes, as a result of its emphasis on corporate entrepreneurship and innovative culture.
Steve Jobs, the Chief Executive Officer of Apple, exemplified effective corporate entrepreneurship through his innovative mindset and visionary leadership style, which gave rise to revolutionary devices such as the iPad and iPhone.
Simply put, corporate entrepreneurship is a method for well-established companies to cultivate an environment that promotes innovation and risk-taking, thereby resulting in the development of new products, services, and sectors.
It has led to tremendous development and expansion, and a number of significant companies have embraced it.
Examples of corporate entrepreneurship companies
The following are some examples of successful corporate entrepreneurship that appeared in the search results:
- An organization that serves as an example is 3M. Its culture of innovation and intrapreneurship has produced over 55,000 consumer-facing products, including well-known brands such as Post-it Notes.
- Google’s “20% Time” philosophy permitted employees to devote 20% of their workday to innovative endeavors; this policy contributed to the development of Gmail and Google Maps.
3. Cargill, Procter & Gamble, IBM, and Motorola all allocate substantial financial resources and offer assistance to internal business divisions, encouraging them to pursue entrepreneurial endeavors.
- Ken Kutaragi, who led the development of the groundbreaking PlayStation product, served as a model of corporate entrepreneurship at Sony and embodied the intrapreneurial mindset.
- Other notable companies that are regarded as having achieved corporate entrepreneurship include Apple, Southwest Airlines, McDonald’s, Amazon, and Starbucks.
These examples demonstrate how established companies can adopt a startup mentality through the promotion of a culture and set of rules that incentivize employee initiative and creativity. The outcomes have significant implications for both the companies and the markets in which they operate.
5 successful intrapreneurs
Here are five examples of successful intrapreneurs, as determined by the findings:
1.Richard Montañez: Montañez started as a janitor at Frito-Lay and eventually became an executive in the company. He is best known for his claim of inventing Flamin’ Hot Cheetos, a popular snack product
- Steve Jobs exhibited intrapreneurial qualities during his tenure at Apple, leading the development of revolutionary devices such as the iPad and iPhone, notwithstanding his more renowned status as an entrepreneur.
3, Paul Buchheit: Behind Google’s free email service, Gmail, Buchheit is the man. As of 2019, Gmail has surpassed all competitors to become the most popular email service worldwide, with 1.5 billion subscribers.
- Nestlé’s ‘InGenius Intrapreneurs’ program enabled Davide Costello to achieve his utmost creative capabilities. This initiative fosters and encourages employees across all organizational tiers to contribute their distinct concepts.
- Ken Kutaragi: Recognized as the “Father of the PlayStation” within the video game industry, Kutaragi’s approach to innovation within a business context served as the impetus for the development of Sony’s PlayStation gaming system.
These individuals demonstrate how intrapreneurship can generate value for an organization and foster innovation.
Public intrapreneurship
Public intrapreneurship is the practice of applying entrepreneurial skills and mindset within a public sector organization to create innovative solutions for social problems. Here are some examples of public intrapreneurs and their achievements:
Cynthia McCaffrey: She is the Director of Global Innovation for UNICEF, where she created new models of partnership that leverage core business values in the public, private and academic sectors to deliver fast and lasting results for children.
Ken Kutaragi: He is an engineer at Sony Computer Entertainment, who developed the Sony PlayStation, a dedicated video game console that could rival Nintendo and Sega, despite the initial resistance from his superiors.
Paul Buchheit: He is a software engineer at Google, who created Gmail, the first email platform with a search function and high storage capacity, as a personal project during his 20% time.
Art Fry: He is a scientist at 3M, who invented the Post-it Note, a sticky note that could be easily removed and reattached, by using a low-tack adhesive that was discovered by his colleague Spencer Silver.
Starbucks Intrapreneurship
The management approach known as “intrapreneurship” entails granting current employees the authority to adopt entrepreneurial mindsets and conduct themselves within the confines of a reputable organization. Starbucks’ corporate entrepreneurship initiatives are highlighted by the examples below:
A recently added functionality to the Starbucks application enables users to conveniently place orders, make payments, and retrieve their beverages from the establishment, obviating the necessity to endure queues.
This strategy was genius-level in its intention to enhance the customer service encounter while reducing wait periods.
Starbucks, which seeks to cultivate community, was influenced by the Italian coffee culture and the concept of a “third place” for customers to visit outside of home and work.
Ensuring consumer comfort, offering complimentary Wi-Fi, and promoting social interaction were all key objectives for Starbucks.
Starbucks was an early adopter of flavored coffees, including, among others, caramel, hazelnut, and vanilla.
This was the result of the intrapreneurial spirit of a store manager, who experimented with different syrups and flavors to boost sales.
Starbucks has engaged in several environmental and social initiatives—including recycling, fair trade, community service, and ethical sourcing—as part of its social responsibility.
The belief that employees should contribute positively to society through their work for the organization and share their views is the impetus behind these movements.