Corporate Entrepreneurship

 

Corporate entrepreneurship is the process of profitability and innovation within an organizational setting. Corporate entrepreneurship may be formal or informal activities aimed at creating new businesses in established companies through product and process innovations and market developments. However a corporate entrepreneur is a person or employee who innovates or initiates new ideas within an organization to maximize company profit and increase his/her income. corporate entrepreneurs are also referred to as Intrapreneurs. Unlike entrepreneurs, intrapreneurs don't risk their carrier, family, 

How an Organization can Develop Corporate Entrepreneurship

 

         Management support
         Management of an organization should set parameters for employees to innovate and should recognize those who bring forward the ideas and help in implementing these ideas.

1. Autonomy/Work Discretion
   Workers should be allowed to choose the best time for them to work and should not be criticized when innovating.
2. Reward and Reinforcement
   Rewarding and reinforcing worker who innovate tend to be a motivation for them to create new initiatives. The innovation should be made known to others in the organizational hierarchy, write-ups in website, or local paper and bonuses should be given to innovators.
3. Time Availability
   Management should not give too much work or overburden their employees in order to allow them innovate. The more free time an employee gets, the more he creates new ideas.
4. Organizational Boundaries
   Employees should be encouraged to view their organization in a broad view and not only focus on their line of duty. They should propose new ideas in other areas of the organization which may not necessirily be their aspect of job

                       Example of corporate entrepreneur
Java Programming Language

Intrapreneurs: Patrick Naughton, James Gosling, Bill Joy

Company: Sun Microsystems

Year Launched: 1995

Patrick Naughton, a 25-year-old, up-and-coming programmer, decided to leave the Sun Company, then known for its business workstations because, he thought it was missing out on the fast-growing PC consumer market. But, Naughton was made to stay and Sun set up a group dedicated to breaking into the consumer market. Group member James Gosling created an elegant object-oriented programming language called Oak (renamed Java), which Sun initially hoped would be used by Time Warner in its cable set-top boxes. When that deal fell through, it looked like the language would be abandoned. It took Bill Joy, a Sun co-founder, to champion the project. Joy realized that with the explosion of the Web, a programming language like Oak could be used across different platforms — computers, cell phones, PDAs, and more. Joy also understood that the key to making Java a cross-platform linchpin was to give the language and development kit away. By the end of 1996, Java had nearly 100 licensees and had attracted 6,000 developers.