What is intrapreneurship and how can it support corporate innovation?

Intrapreneurship refers to entrepreneurship inside an existing company, where new ventures are created within a large or established organization. While intrapreneurs work within an existing organization using its resources, they are still valued for their entrepreneurial thinking, which can drive development of new products and services that provide competitive advantages in the long run. Encouraging intrapreneurship can also build a culture of innovation, attract and retain top talent, and provide employees with opportunities for creative expression. However, many organizations may face challenges such as a lack of leadership commitment or processes for managing innovation. To succeed with intrapreneurship, companies should consider key success factors including resources allocation, creating a culture of experimentation and risk-taking, and effective innovation management.