Understanding the difference: A few key definitions will help.
- Entrepreneur – A person who organizes and manages any enterprise, usually a business, demonstrates considerable initiative, and assumes the associated risks.
- Invention – An act of devising, originating, creating or producing by exercise of the imagination.
- Innovation – Something definitively new or different that has material impact to the status quo.
- Intrapreneur* – An entrepreneur who navigates internal mine fields while mastering the use of corporate resources to drive innovation within an established organization.
- Intrapreneurship* – The art of being an intrapreneur. Within established enterprises, the creation of a culture made from the combination of ideas, skills and desire of individuals, supported by leadership, organizational structure, resources and validating research, to drive revenue from breakthrough innovation.
- Growth Centered Innovationsm – The focus of driving impact and income from innovation. Growth Centered Innovation is built on collaboration using a specialized combination of skills, techniques, resources, organization and culture, responsive leadership and intrapreneurship specifically intended to secure the benefits of growth from innovation.
*The terms intrapreneur and intrapreneurship are not new. They have been used as early as 1985. Several universities had programs focused on intrapreneurship in the late 90’s, but intrapreneurship then took a back seat to entrepreneurship and process improvement. In recent years there has been a renewed interest in driving innovation as the leverage point for economic growth and using the word intrepreneurship to describe the internal company’s entrepreneurial effort. The Institute for Intrapreneurship approaches innovation differently than most. The Institute will do much more than speak or write about the organizations need to develop a culture of innovation. Rather The Institute will develop and provide the tools and techniques that will enable organizations to achieve growth centered innovation. Most importantly, The Institute will bring together those who share a common interest in the problem of driving innovation – business, academia, and government. Together, under the banner of The Institute for Intrapreneurship, they will solve the challenge of building intrepreneurial cultures to effectively operationalize and monetize innovation.