Intrapreneurship, not to be confused with entrepreneurship, is the spirit and act of entrepreneurship in a corporate setting (Rogers, 2020). In today’s world, consumers have access to a great resource known as the internet. This allows them access to all kinds of data instantly. The tactic of increasing prices without validity no longer works for consumers as they can now search for the same product at a lower price. This has forced larger companies to think on their feet in the same manner that smaller entrepreneurial ventures have had to. Thus, becomes the creation of intrapreneurship, which comes in various categories.
The first intrapreneur category is the Caretaker. This is a corporate employee that enjoys inheriting an established product line with a solid consumer base and moderate growth. The next category is a Developer, which is an individual who takes a company’s existing products or services and pursues high growth by targeting new customers and new markets. An example of this is Altoids which began as a means to calm upset stomachs and has since become one of the most popular breath mints. The last intrapreneur category is an Innovator. This individual pursues high growth for their company through new products, services, and business models. An example of this can be seen with S.C. Johnson where the grandson who inherited the business went on to introduce the likes of Glade Airfresher and Windex which were outside of the normal scope of products (Rogers, 2020).
Regardless of the category, each type of intrapreneur shares common traits. They tend to be risk takers, hard workers, a good manager and an innovator. Not only do these individuals create great product but their intrapreneurial ways may lead to the acquisition of other companies, creation of new strategic partners and even changing the pre-existing business model.
References:
Hyatt, A. (2016). Crowd start: The ultimate guide to a powerful & profitable crowdfunding campaign. New York: Hunter Cat Press.
Rogers, S. (2020). Entrepreneurial finance: Finance and business strategies for the serious entrepreneur (Third ed.). United States: Mcgraw-Hill Education.
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