A courageous culture encourages employees to share their ideas, yet many employees hold back. Leaders must navigate the narratives, create clarity, cultivate curiosity, and respond with regard to empower their team to contribute.
Innovation often comes from large companies, but they struggle to harness their own potential. Intrapreneurs face obstacles getting their ideas exposed to senior management. Nosco's collaborative platform for ideas supports companies in connecting creative minds and bringing ideas to the right people.
A janitor's idea led to the creation of Flamin' Hot Cheetos, one of Frito-Lay's bestselling products. The story highlights the importance of creating a culture that allows employees to take risks and the impact of accessibility and support from leaders.
Employee ideation can transform a company's culture into a hub of innovation. Companies like Commonwealth Bank have seen success with intrapreneurship programs that empower employees to channel their inner entrepreneur and improve customer experience.
Corporate organizations are increasingly focusing on engaging and empowering employees as Intrapreneurs, Innovation Catalysts or Change Champions to drive business results, due to frustration from lack of tangible innovation results, culture pushback, and increasing financial pressures.
Intrapreneurship is gaining popularity as organizations need employees to operate more like entrepreneurs. An intrapreneur is an innovator within an organization who uses entrepreneurial methods to develop and move forward new innovations.
Embracing cannibalization can be a growth strategy for companies. Apple, Amazon, Netflix and Facebook have all succeeded by taking an ambidextrous approach, creating separate units to explore and innovate for their future business.
Innovation leaders share tips on building successful innovation labs and programs. Key takeaways include understanding the innovation and diffusion cycle, empowering employees to innovate, and providing resources for intrapreneurs.
Venture studios are becoming popular in the business world, as they rapidly build and develop new companies. They use their resources and expertise to create startups, from identifying opportunities to scaling the business. They earn equity or payment for their services in return.
GE Power is on a mission to transform the power industry by collaborating with customers and competitors in co-innovation initiatives, as well as exploring cross-industry innovation. This interview with Hao Dinh, an intrapreneur spearheading GE Power's innovation initiative, explains how the company is partnering with customers to achieve meaningful change.