The financial industry seems to come up with new terms all the time. Just about everybody knows what an entrepreneur is, but few have heard the word “intrapreneur.” Introduced in the 1980s and recognized by the American Heritage Dictionary as far back as 1992, the term refers to an individual who works within a larger company who takes direct responsibility for turning a specific concept into something that can make the firm money. There are many advantages for both employee and firm when the company climate encourages innovation from any direction.
Many companies encourage their employees to take some risk upon themselves when it comes to product development. Intrepreneurship allows potentially proficient employees the opportunity to try something new without taking the risks usually associated with doing so on their own. Proponents feel that intrapreneurship encourages employees to be creative and proactive, a real boon to their parent company. The company benefits from new products, new methodology and increased employee loyalty with a relatively minor investment.
The best companies don’t wait until their current projects are no longer viable before they search out developing ideas. By providing a positive and encouraging environment where creativity and innovation are supported, a business helps itself to stay on the cutting edge and operate more effectively in a global marketplace. When searching for a place to invest, selecting a company which encourages employees to think like intrapreneurs can be a good strategy. Success may come in many forms and from any source; the wise company fosters that trend.