Three reasons for intrapreneurship

Among many, companies can especially gain the below three benefits from intrapreneurship programs such as internal business plan competitions.

• Intrapreneurship increases revenues and raises profits; short and long term. Intrapreneurs – once they are spotted and used the right way – will have an impact on core activities. They are, however, at their best when they are challenged with new ventures or radical innovation projects. Combine this matchmaking with solid execution strategies and you have revenues and profits.

• Intrapreneurship improves the corporate image for recruiting purposes. The most important resource is talent. A committed focus on intrapreneurship – perhaps even a new career track – improves the corporate image and makes it easier to attract – and keep – the top talent. Danfoss, a leader in mechanical and electronic products and controls, uses their Man on the Moon program as an important element in the recruitment initiatives.

• Intrapreneurship is contagious. It begins with ventures and projects where there is a need for a new kind of talent. But intrapreneurship is not just about ventures and projects. The core activities will also be embraced by the best of this new culture. This helps the company stay alert and always search for opportunities that might otherwise be lost.