Companies need to keep up with a fast-paced & ever-changing business landscape.
Intrapreneurship is the perfect engine for new innovations.
If your organization is like most, it is bustling with unharnessed creative energy missing its opportunity to innovate and produce due to administrative obstacles and lack of incentives.
Now instead, take that energy and channel it using the deep domain knowledge that comes from being part of an established business: this powerful concept opens up new markets as it simultaneously motivates your people like never before.
That is what we call Intrapreneurship.
Idea: Patrick Naughton, a developer, almost left Sun in 1995 because he believed they were missing out on the fast-growing PC consumer market. He was convinced to stay and help Sun set up a group dedicated to the consumer market. This is where group member, James Gosling, created an elegant object-oriented programming language called Oak, which was later renamed Java.
Benefit: This was initially created to help set up Time Warner cable boxes. When that deal fell through, Bill Joy, co-founder of Sun, recognized the value of Java and that it could be implemented across all different platforms. As you know, Sun has since merged into Oracle and Java now runs the world with 930 million Java Runtime Environment downloads each year and 3 billion mobile phones run on Java.