Ernst & Young Advises Companies How to Use ‘Intrapreneurship’ for Growth
To foster value creation for companies, Ernst & Young (E&Y) LLP asked a total of 263 leading entrepreneurs in the world as to their views on institutionalizing entrepreneurship for a successful growth and innovation, and 82% said the growth of their organizations largely depends on innovation while 50% said their organizations’ growing size makes innovation harder to achieve.
The same question was asked on Ford Motor Company, Dell and SAP. Now Ernst & Young comes up with some secrets of successful “intrapreneurship,” a concept stating the role of entrepreneurial thinking in the economic recovery.
Ernst & Young suggested that giving space and enough time to employees can allow them to generate creative ideas, aided by setting up a formal structure for intrapreneurship and making sure those ideas would materialize.
The report also noted that tapping employees from all ranks and functions to contribute ideas could greatly assist in the innovative process.
Ernst & Young said allowing for a diverse work force gives way for a better production and idea generation.
Ernst & Young also included designing and recognizing a non-traditional career path for employees, who do not generally like the traditional way of administrative jobs, as it would foster professional growth.
Ernst & Young also recognized the importance of government programs and incentives in entrepreneurial ventures and advised the companies to tap government support.
Finally, Ernst & Young warned the companies of the possible debacle along the way, adding that preparation is still the best way to deal with the pitfalls.
Maria Pinelli, Americas Director, Strategic Growth Markets, Ernst & Young LLP, said companies need to hone up their agility to drive growth after noting that rigid company structures often compromise their entrepreneurial spirit.
Pinelli added that the support from senior management and an end-to-end process perspective on intrapreneurship are also needed by intrapreneurs.