Intrapreneurs are individuals within an organization who utilize their entrepreneurial spirit to drive innovation and growth from within the existing framework. These leaders are able to turn visionary ideas into profitable realities by leveraging the resources and security of their current employer. They are the daring dreamers who transform “what-ifs” into “what’s next”.
One example of intrapreneurship success is the case of a well-organized and cost-effective support crew for the band Led Zeppelin. Despite being a cost center, this small team not only saved on expenses but also managed to maintain control and safety for the band during offstage activities, which ultimately generated publicity and increased sales. This demonstrates that a cost center can indeed lead to revenue generation.
A group of advanced CIOs and CISOs recently discussed ways to transform IT from a cost center to a profit center. These executives were intrapreneurs who constantly sought ways to run a profitable internal operation. The key lies in increasing either the top line or bottom line, and the discussion yielded five essential ingredients for intrapreneurship in managing a cost-center operation.
The first ingredient involves achieving cost savings through synergies by streamlining processes and eliminating inefficiencies. Collaboration with revenue and strategy leaders is crucial for growth, as working together on ideas can lead to an increase in the top line. Another important aspect is managing risk proactively to identify potential threats and recommend directional changes early.
Innovation is key for intrapreneurial CIOs, who must stay current on industry developments and replicate successful innovative ideas. Additionally, wearing multiple hats by taking on new responsibilities or projects helps build a foundation for collaboration, innovation, and risk management. By stepping outside their comfort zone and pushing the organization forward, intrapreneurs can drive growth and success.
Overall, intrapreneurship is a state of mind that requires individuals to embrace occasional failure, seek investors, analyze the market, and take risks. By implementing the five ingredients of intrapreneurship, including achieving cost savings, collaborating with other leaders, managing risk, innovating, and wearing multiple hats, individuals can transform their cost-center function into a profit center and drive success within the organization.
