The recent digital transformation across the world means that a new competition has given birth to a different degree of competition. Companies will need to be more innovative and creative in order to adapt to the fast-changing business ecosystem. As such, majority of the business wars are fought in the mind through varying degrees of innovation and companies are continuously looking to improve on their product offerings. It is no surprise that the most talented professionals are prized to firms desperate in need of their services with a high salary increase. All this is to ensure the companies remain competitive. The greatest investments are no longer the facilities, revenue but the “people”, the employees of the organization.
Entrepreneurs are individuals with a special affinity for creating new things or improving existing ones. They often develop new ideas, designs that revolutionize products. This makes an entrepreneur able to inject life into the decline cycle of a product. The 21st century has since a great rise in the number of entrepreneurs however, the failure of many of their ventures points to the fact that there’s more to running a successful start-up than just ideas. Some creative persons are unwilling to take the extreme risk of setting out to pursue their ideas and would rather take smaller risks, hence, resulting in selling them to bigger corporations who integrate them into their systems. The need for a safe haven where these “risk-conscious” entrepreneurs can freely express their creativity and innovation gave rise to “Intrapreneurs” a term coined in by Gifford Pinchot III and Elizabeth Pinchot.
An Intrapreneur basically performs the functions of an entrepreneur but within a large corporation. They are charged with creativity, innovation, developing new solutions and products. They take a measure of risk but none that can be compared to what they’ll be required to take in a normal business environment. In simple terms, “an intrapreneur is an entrepreneur within a company”. The demand for such individuals is on the rise considering the need for continuous improvement of products and generation of new ideas. Perhaps what the business world needs are more intrapreneurs that will champion the continuous evolution of their organizations. This will also suit create individuals who are less willing to take risks and would prefer financial security that comes with formal employment. Over the coming years, the demand for intrapreneurs will continually increase and every company will have their innovation departments if they are to survive the rapid transformations in the business world.