Intrapreneurship - The Emerging Paradigm to Innovation and Sustainability in an Emerging Economy
Liberalization and globalization of trade across the globe has ushered in an era of free flow of goods, services and knowledge. Transfer of technology and scientific innovations have opened new opportunities in market place and consumers are spoiled today for choice. Undoubtedly, the advancements in telecommunications , internet and information technology have all contributed to this rapid stride in business environment across the world. This generates competition amongst players in the market, thereby necessitating the need for continuous improvement to provide superior satisfaction to consumers. On one hand, while this is highly desirable situation for any economy, but on the other hand, it puts pressure on firms for productivity , performance and seek adequate returns on investment. Firms are increasingly using resources at a rapid rate for optimization and in the process making it difficult to be sustainable.
In view of such challenges, government and economies have continued to develop and focus in the realm of knowledge and intellectual capital building. Innovation , is the new yardstick for development and growth. Optimization of knowledge workers, ventures and assets have occupied a central position in the due process. This new environment brings a new concept of ‘ownership’ within the organization and which is very aptly termed as ‘Corporate Entrepreneurship’ . This phenomenon brings a synergy between individual aspirations and corporate goals. It helps synthesize the knowledge and creativity to be channelized with the imperative need of corporate for continuous innovation. It creates opportunities for new paradigms of business models which help to develop value and gain access to new markets world-wide. A strategic investment into people, technology and R&D boosts the cycle and vibrancy of economic development and corporate growth simultaneously. Encouragement of entrepreneurship and knowledge management within the organization helps foster a culture of innovation and knowledge but which can only be made sustainable with rethinking on part of these corporate to retain this talent and knowledge capital within the organization in a strategic manner which can be mutually as well as exclusively beneficial to both . This paper will try
to examine the innovative mechanisms that can be employed by corporate for fostering a conducive entrepreneurial culture within their organizations for continuous innovation and improvement.