Intrapreneurship and Open Innovation for Small Business

Executing on a great product, idea, or technology is necessary to grow a company, but eventually, controlling the company becomes the focus. Open innovation and intrapreneurship can help reignite visionary thinking and bold approaches. One key lesson is that all the best people do not work at a company, and it is important to connect with the brightest minds outside of the organization. Innovation is also about developing the right people who can match great ideas at the right time, and the 10 types of innovation framework can help broaden innovation thinking. Companies need to think of themselves as part of an eco-system, and smaller companies should look for projects where they are in control or their contribution is valued. However, companies need to evaluate if open innovation is relevant, prepare for cultural change, develop a networking strategy, and train their employees. Communication is key, and social media tools like Twitter and LinkedIn can be leveraged.