One of the projects carried out by MJV in partnership with one of the largest financial institutions in the world used intrapreneurship as the main innovation and integration business tool within the company.
The organization had already implemented a series of initiatives related to innovation over the last few years. One of the many results obtained from these programs was learning what the purpose of innovation within the company was and how these events translated to their employees.
Building the basis for innovation
This acquired knowledge led to the conclusion that the company should transform innovation into a global process that encompassed all the stages of creation, development, establishment and administration of new businesses, and was aligned with the values of the organization. This undertaking translated into a massive and intense project, that involved all departments.
The platform used to foment and cultivate intrapreneurship was set up around four main points that ensured intrapreneurship, based on strategy, structure and support:
Strategies and values combined towards growth in the center of the program’s structure.
Stages and activities that define the fluidity of the program.
Participants, mentors, juries and consultants that are part of the program.
Methods, platforms and apps that enable the program.
The three pillars that strengthen what we already mentioned, about the importance of intrapreneurship as a consistent innovation tool for the company are:
• Strategic alignment
• Growth strategies
With them, the aim ceases to be only making collaborators generate ideas, and becomes an initiative inserted in the context of the organization’s strategic planning.
It was determined, within the strategic alignment, a set of values that compose the identity of the group of entrepreneurs in the program.
The process of transforming an idea into a global business was split into 7 stages. In order to facilitate its execution, these stages were grouped into clusters.
The two stages that demand a green light for the idea or business model to progress depend on an evaluation conducted by a jury especially created for each one of the steps (made up of product managers and members of the innovation team or senior executives and business directors). Popular vote is also a part of this stage.
The way the business evolves when it reaches the last stage will depend on the situation of each startup.
Conclusion and program gains
This program allowed the culture of company innovation to evolve into an innovation business, that selects ideas and projects with large potential and integrates them into the company’s business base.
In this way, not only is the employee base empowered, but approved innovations are also explored to their maximum potential, generating real profit for the company and integrating different worth built throughout the innovation process over the years. This ensures long term innovation.