EP Think Tanks
Is there a way to bring together disruptors and corporates?
On Tuesday, EP hosted a Think Tank with a group of executives drawn from the industry to discuss the rising demand for innovation, how disruption is created and the role of both intrapreneurship and entrepreneurship within the established.
With an increasing demand for businesses to innovate and make a difference, there appears to be a growing pressure on corporate businesses to develop ‘Intrapraneurial’ capabilities. How can businesses become more agile and drive growth through innovation? Intrapreneurship for large companies is about incorporating entrepreneurial values within their business but also welcoming the marriage with entrepreneurial businesses.
During the discussion, the group agreed that innovation rarely happens alone, it requires collaboration, space and freedom to take risks and create a paradigm shift: “Intrapreneurship should be aimed at mutual benefit thinking, everyone must benefit from it”.
It has long been viewed that the thought process, skill sets and language between entrepreneurs and corporates are worlds apart. Although it might be hard for them to communicate, the reality is that they need each other.
What are the key variables that influence the development of an intrapreneurial and entrepreneurial business?
Decision making: How do you maintain your status quo while ensuring a competitive advantage.
Timing: Innovation success can be influenced by external factors and timing is key in ensuring that an innovative idea enters the market at the right point.
Leadership VS Management: Not all leaders are great managers and not all managers have leadership skills.
Risk Factor: Entrepreneurs often take risks based on a belief that what they are doing is right, something that corporates may never do. Is a safety first approach right?
Mutual benefit: There is a need to develop win-win situations to fill the gap between business and innovation.
Innovation from the inside: Companies recognise the need for innovation from the inside.
Need for consensus: With reputation being on top of their agenda, how do companies un-tap resources to innovate?
Fear of failure: There was a strong view that Intrapreneurship is stifled because of a fear of failure, damage to reputation and perhaps self-preservation.
- Create a forum for corporates and entrepreneurs to discuss ideas and trends.
- Corporates to work closely with Innovation to ensure service levels improve.
- Is there a need for free thinking within corporates to retain talent that is becoming entrepreneurial?
- There needs to be recognition that more and more are opting to be entrepreneurs for a reason.
- Can the Industry develop a strategy to develop young businesses?
Our next event which will focus on
“The Future of Work: how will you adapt and reinvent yourself?”
Faith Popcorn, US futurist and founder of marketing consulting firm BrainReserve, says that 33 per cent of Americans are currently freelancers and predicts that by 2020, that figure will rise to 50 per cent. Moreover, Some estimates show turnover rates for millennials at nearly 2 times that of older workers. For an organisation with 1,000 employees the additional cost of replacing millennials is over $300,000 annually. It is going to be an exciting conversation tapping into the rise of freelance work, shared economy and how new models are taking over in the market and how businesses will need to respond.