In the run-up to the Intrapreneurship Conclave in mid-2024, Unfold Consulting has been organizing a series of webinars to discuss Intrapreneurship and explore the must-haves and challenges organizations face while fostering innovation and creativity. The first online seminar in this series was held on 21st March with panelists from varied backgrounds. From the academic sector, we had Mrs. Madhavi Lokhande, in-charge director of Welingkar Institute. Ms. Priya Krishnamurthy, CEO of CMCA, was from the social sector. We also had Mr. Naveen Narayanan from Biocon on the panel, who brought in the perspective of an R&D and Life Science organization. Mr. Surya Kumar Mohapatra from Wipro shared his perspectives on workforce and talent management.
The theme - Beyond Business Boundaries
One overarching theme from the discussion was the acknowledgment that intrapreneurship transcends diverse sectors, both for-profit and non-profit. Across the panel, there was unanimous agreement on the pivotal role of nurturing the intrapreneurial spirit regardless of the industry to which the business belongs. There was a shared belief that by fostering a culture of belonging, experimentation, and empowerment, organizations can unleash the creative potential of their workforce, driving innovation and growth. “Sense of Belonging” also received the most significant votes in the poll conducted during the online seminar.
This blog encapsulates three critical takeaways from the online seminar:
Celebrating both Success and Failures
A key takeaway from the online seminar was the importance of celebrating and sharing stories of intrapreneurship regardless of the result. Naveen Narayanan opined that initiatives that fail have immense learning potential for the whole organization. Knowledge Management in organizations must thus evolve to de-stigmatize failures and see them as learning opportunities. By highlighting real-world examples of intrapreneurial initiatives, individuals and organizations can inspire others to embark on their journeys, fostering a culture of continuous innovation and learning. According to Priya Krishnamurthy, the only failure would be to keep doing the same things and expect a different result. Madhavi Lokhande highlighted how, as a B-School, they have encouraged prototype labs, just as in Engineering Institutes, to build innovative spirit and resilience against failures.
Risk and Resilience: Pillars of Intrapreneurial Spirit
Priya highlighted that at the heart of intrapreneurship lies a willingness to embrace risk and uncertainty, coupled with unwavering optimism in the face of challenges. According to her, collaborating with like-minded people would enhance success rates, especially for organizations in the social sector. Naveen believed that natural traits of risk-taking, resilience, and curiosity are catalysts for Intrapreneurship. “Being comfortable with discomfort and embracing fear is the secret sauce to Intrapreneurship,” according to Surya Kumar.
Skills that build Intrapreneurial capabilities
Madhavi quoted that willingness to learn, unlearn, and relearn are significant traits that catalyze intrapreneurship. According to her, while intrapreneurial passion and creativity are essential for success, best practices and techniques provide the framework for turning ideas into reality. From marketing and finance to operations and strategy, intrapreneurs who cease to work in silos tend to have a holistic understanding of the business landscape and can effectively navigate the complexities of intrapreneurship. Surya Kumar echoed the sentiments and added that taking the path to thrive, rather than perish or even survive, for that matter, is imperative in dynamic and today’s competitive environment. And what that means is agility and adaptability are prerequisites to thrive. Professionals, in general, must be agile and responsive, constantly scanning the horizon for emerging trends and opportunities and pivoting their strategies accordingly.
The panelists' collective insights and experiences underscored the imperative of cultivating intrapreneurial mindsets and creating enabling environments for individuals and organizations to thrive in an ever-changing world. The topic of Intrapreneurship gains even more relevance. In an era of growing social and environmental consciousness, businesses are increasingly expected to prioritize environmental, social, and governance (ESG) considerations. Employees can drive meaningful change and create shared value for all stakeholders by aligning intrapreneurial endeavors with broader societal goals.
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