From Canada’s Technology Triangle Newsletter – The Triangle (September 2013)
Established Companies Must Embrace Their Inner Entrepreneur
By John Stix – CMO Fibernetics
In the tech world, larger companies sometimes look on in envy at start-ups for their ability to adapt quickly to change. Being small means being nimble, with a turning radius measured in centimeters compared to many businesses who move like the Titanic when it comes to obstacles in their path.
It doesn’t have to be that way. In today’s rapidly changing marketplace, larger organizations can become more agile, fuel innovation and develop a competitive advantage by making entrepreneurship part of their internal day-to-day business.
Want to hire the best and brightest? Develop an “intrepreneurial ” division to provide this new generation of entrepreneurs who are looking to reinvent the business world it’s the easiest path to innovation. Companies can thrive by freeing young talent to drive new ideas and products. Working -in-house allows them to focus on the “fun stuff” instead of “boring stuff” that traditional start-ups have to deal with, like finding a place to work, raising money or dealing with administration.
Entrepreneurial Corporate Culture
Employees know their products or services better than anyone, and they probably have a good idea how to improve them. Forward thinking companies allow talented employees the room to try. Famously, Google provides the opportunity for its employees to spend up to 20% of their work time on in-house start-up projects. Half of all of Google’s products have originated from their 20% program, including one of their largest revenue generators, AdSense.
If a company is not innovating, it is either standing still or moving too slowly to change course. Embracing their inner entrepreneur makes innovation simply a part of their daily business.
John Stix is is the Co-founder and CMO of Fibernetics.