what is INTRAPRENEURSHIP
Let’s start with a definition: Intrapreneurship is a term used to describe a process that allows an employee to act like an entrepreneur within a large organisation.
Through this process a business can harness the experience, skills and passion of employees, equipping and empowering them with the tools needed to develop new innovative solutions for the business.
Intrapreneurship educates and trains employees in innovation and entrepreneurship whilst simultaneously allowing them to rapidly develop and implement their innovative business ideas. For us, when it comes to creating intrapreneurs for our corporate partners, it’s built around the famous Benjamin Franklin quotes: “Tell me and I forget. Teach me and I remember. Involve me and I learn.
How does it work ?
Intrapreneurship is a key pillar to creating next-generation businesses that provide growth opportunities for your company. Our Intrapreneurship team works with you and your employees to ideate new business opportunities, validate them in the market and build business models that fit your corporate mission and strategy.
Its important to set the right foundations before starting to ensure success. We support our clients to set the mission and strategy of their intrapreneurship programme. This means determining the focus areas, the investment decision making process, and the right stakeholders to be involved throughout.
IDEATION + SHORTLIST
Intrapreneurship starts with new ideas. The best business ideas often come from your best asset, your employees. Our team engage your employees through individual consultation sessions and group workshops on many topics including creativity and ideation in order to craft the best ideas. A shortlist is then selected to undertake initial market validation.
INITIAL VALIDATION + SCREENING
At such an early stage, it's almost impossible to pick winners. Therefore, after the initial idea screening, and before further development, we give a number of ideas the opportunity to do some light validation. This teaches a large group of people about early stage validation and reduces the risk of halting ideas with market potential. After this, another shortlisting takes place.
CONCEPT DEVELOPMENT (PROGRAMME LIVE)
We have developed a proven process which follows a 'learn-by-doing' format. The selected teams will get access to our learning content which guides teams through venture creation. The aim in Programme Live is to prove 4 things:
Customer Desirabilty, Technical Feasibility, Financial Viability and Business Model Adaptability.
Our specialist team will be hands-on to support your employees through the whole process.
All ventures will have been through a tried and tested process of early stage validation and have a robust business case to present to leadership. Your employees will also have gone through a university-grade learning experience which they can take back to their roles. At the end, a decision is made whether to allocate more resources and continue with the most promising ventures.
WHY DO AN INTRAPRENEURSHIP LAB?
The goal of intrapreneurship is to create something new that will contribute value to the company and make it more successful in the market. Develop your employees, ideas and culture for sustainable growth.
Supported end-to-end by L Marks, employees “learn-by-doing” through a carefully designed 16-week long innovation course focused on commercial validation and gain greater insight into the factors that underpin innovation through a series of expert-led workshops.
Through L Marks’ unique approach which incorporates internal stakeholders, the L Marks in-house innovation team and carefully selected network of expert mentors, the Intrapreneurship Lab provides the framework to facilitate and pioneer new ideas whilst developing entrepreneurial minds and skill sets through university-grade educational content and a unique experience.
EMPLOYEE DRIVEN INNOVATION
Equipping and empowering employees through intrapreneurship training and education creates a successful culture of innovation.
Senior executives need to provide their intrapreneurs with the resources and confidence to operate–then move out of the way.
When upper management gets into the habit of micro-managing or shutting down experimental ideas, it puts the innovative team into a nasty case of analysis paralysis. Successful Intra labs are given the freedom to generate new ideas and take advantage of opportunities as they come.
In doing so, innovation programmes won’t always hit the mark, but they should be given the room to fail and learn from mistakes.
BENEFITS OF INTRAPRENEURSHIP
By encouraging, supporting and promoting the entrepreneurial behaviour of employees, the Intrapreneurship Lab allows for the rapid development, implementation and adoption of new solutions whilst fostering talent.
It produces a class of innovation champions and embeds a pioneering mindset so that innovation becomes a defining characteristic of the organisation. Find out more about The Bottom-Line Benefit of Intrapreneurship.
WHO ARE CONSIDERED INTRAPRENEURS?
Each one of your employees can be an intrapreneur. Diversity naturally breeds innovation. When it comes to idea generation, it is important to have as many ideas from sources that are as unique as possible to gain insights from various perspectives.
These can include bringing on employees from different backgrounds, cultures, or areas of expertise. Allowing for more variety in opinion also creates balance. For example, members with more experience can provide practical guidance while granting newcomers the space to express more inventive solutions.
Get in touch
Get in touch with us to discuss Intrapreneurship opportunities for your company.CONTACT US TODAY