The New Corporate Garage Assessment Answer

1. Why is corporate Entrepreneurship Important?

In big and medium-sized businesses, intrapreneurship, often known as corporate entrepreneurship, plays a crucial role. There is a culture of intrapreneurship among companies. It's a crucial factor in the growth of businesses and economies. Although intrapreneurship often results in the creation of new businesses, it may also spur the creation of novel goods, technologies, services, strategies, and competitive stances within an existing organization. With the global economy in a constant state of flux, companies and sectors are under increasing pressure to adapt their strategies to the needs of a wide variety of constituents (Anthony, 2012). These days, even the largest corporations prioritize R&D efforts.

As a result of these issues, the necessity for Intrapreneurs has become increasingly urgent. They face stiff competition from a growing pool of more intelligent rivals, some of whom hail not just from nearby areas but even from foreign nations. Many risk-takers have abandoned corporate life in favor of starting their own companies (Anthony, 2012). In addition to the financial benefits, increased output, and improved morale that might result from encouraging corporate entrepreneurship, another benefit is the positive effect on the morale and motivation of employees.

2. In what way Might Corporate Entrepreneurship link to Transformative Innovation?

Corporate entrepreneurship focuses on the whims and inventiveness of individuals rather than on standardized processes and skill sets to innovate. It puts individuals and their relationships with others at the center of the creative process. Corporate entrepreneurs are respected members of the team who make decisions on their own and have a stake in the company's success rather than being considered as s in the machine. Corporate entrepreneurs not only contribute expertly to the creative process, but they also take full ownership of all aspects of their initiatives. They are not promised a certain amount of money and must constantly "pitch" their concept inside the business to obtain the funding it needs (Shafique & Kalyar, 2018). New enterprises are vulnerable to the same short-term restrictions that have hampered innovation in established organizations since innovation is now more accessible and less expensive. In a move similar to start-ups, large corporations are embracing open innovation and fusing entrepreneurial behaviors with their existing capabilities. New business models are being created to take use of the unique skills of big businesses (Anthony, 2012). These resourceful individuals, whom the author refers to as "catalysts," are fusing the might of corporations with their growing agility to find solutions to the world's most serious issues.

Reference

Anthony, S. D. (2012). The new corporate garage. Harvard Business Review, 90(9), 44-53. https://www.innosight.com/wp-content/uploads/2012/09/Innosight_HBR_The-New-Corporate-Garage.pdf
Shafique, I., & Kalyar, M. N. (2018). Linking transformational leadership, absorptive capacity, and corporate entrepreneurship. Administrative Sciences, 8(2), 9.

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