Innovation and Intrapreneuring; Unleashing the Potential of Your Companies Internal Entrepreneurs Association for Corporate Growth Western Michigan Chapter January 21, 2009 Linda Chamberlain, Ph.D. Executive Director, WMSTI

Today’s Flow 1. Why care about Intrapreneuring? 2. What is an Intrapreneur? 3. Uncovering your Intrapreneurs 4. Building Intrapreneurial Space 5. Planning the Intraprise 6. Intrapreneurial Honor Roll

Why Care About Intrapreneuring? Wildly Successful New Products/Services Strong Competitive Positioning (sustainability) Develops Positive, Rewarding, Pioneering Culture Profitable Business Growth The Heart of an Innovation Engine

Definition of an Intrapreneur Those who take hands on responsibility for creating innovation of any kind within an organization. The intrapreneur may, or may not be the inventor but is always the one who figures out how to turn an idea into a profitable reality. “The Dreamers Who Do” - Gifford Pinchot III Your Companies Internal Entrepreneurs

The Intrapreneurial Grid Action Vision Worker Planner Inventor Artist Manager Intrapreneur

The Implementation Gap in Company Innovation Ideation Development Launch Intrapreneur Inventors Researchers Planners Sales/Marketing Business Managers Intrapreneurs build a business case, AND execute!

Successful Intrapreneurs are….. Thinkers and Doers Highly self disciplined, confident, and determined Highly dedicated to the corporation Motivated by freedom to act, access to resources, and achieving goals (and recognition for same) A strong leader to a vision AND getting the job done Know business Customer Focused

Successful Intrapreneurs are willing to... Be fired, but appear orderly! Do any job ignoring title/status (the Solo Phase) Follow intuition and work with only the best Work underground (the Bootleg Phase) Take calculated risks Circumvent orders to follow the passion Build a strong team (the Formal Team Phase) Honor their sponsors/protectors

Uncovering Intrapreneurs So, can you think of anyone in your company that fits these characteristics? And what is your company doing about it?

Audit your Companies Environment –what are your guidelines for “innovation?” – how does your company STOP doing something? – what are your tools to create micro-environments for innovation? – how can your intrapreneurs win against the organizations immune system, i.e. the current systems that may be over-controlling, over analytical, and risk adverse? Building Intrapreneurial Space Where are the “freedoms” in your organization?

Intraprenuerial “Freedom Factors” Let Intrapreneur Self Appoint to the Role No Handoffs The Doer Decides Corporate “Slack” End the “home-run” philosophy Tolerance of risk, failure, and mistakes Patient money No turf battles please! Cross-functional teams Multiple Options

Planning the Intraprise Create the Action-oriented Business Plan Attract a Team and Build Consensus Raise Money (intracapital) Set clear Milestones/Deliverables with Go/No- Go Decisions Identify and Secure Sponsors/Protectors InventorIntrapreneurSponsorProtector

Building a Secure Opportunity InventorIntrapreneurSponsorProtector Understands the product, but not how to make a business of it. Attention is on the business realities; May need help with Corporate politics. Attention is on removing barriers, and giving advice to the Intrapreneur. Attention is on approving and protecting the Intrapreneur. Who in your organizational can fill these roles?

Choosing the Next Great Thing Develop 2-4 intraprises in parallel…. Must Meet Three Kinds of Needs: –The customer’s needs –The corporation’s needs –The intrapreneur’s needs Uncovering ideas: –Brainstorming –Cross-fertilizing –Market Research –Proprietary Technology –Complementary Products/Services –De-feature an Existing Product/Service Need all 3 to Succeed!

Rewarding the Intrapreneur Recognition More freedom The opportunity to do it again (use earnings to fund new efforts)

Intrapreneurial Honor Roll Brian Ehlers: Apple Tablet Art Fry:Post-it® Note Pad Lee Iaccoca:The Ford Mustang Michael Phillips:Master Charge Mike Suman:JCI Homelink

Sustainability for Corporate Innovation Intrapreneuring Encourage it Protect it Reward it Plan it The best of both worlds: combining the resources and security of a corporation with the freedom and creativity entrepreneurism! A WIN-WIN!

Reference Intrapreneuring, Gifford Pinchot III International Institute of Intrapreneurs