What does a corporate entrepreneur do?

What is a Corporate Entrepreneur?

Corporate entrepreneurs, also known as intrapreneurs, are employees within large organizations who take on entrepreneurial roles and responsibilities. They act as innovators within the company, identifying new opportunities, developing new products or services, or conceptualizing new business models.

Unlike traditional entrepreneurs who start their own businesses, corporate entrepreneurs work within the framework and constraints of an existing organization, leveraging its resources, capabilities, and networks to drive innovation, differentiation from competitors, and growth.

What does a Corporate Entrepreneur do?

Duties and Responsibilities
Here’s what corporate entrepreneurs typically do:

• Identify Opportunities – They scout for new market opportunities, emerging trends, or areas within the company where innovation can create value.
• Develop New Products or Services – Corporate entrepreneurs conceptualize, design, and develop new products, services, or business models that align with the company’s strategic goals.
• Champion Innovation – They advocate for innovative ideas within the organization, often convincing stakeholders and securing buy-in from senior management.
• Lead Projects – They lead cross-functional teams to bring new ideas to life, managing the project from inception to implementation.
• Experiment and Test – Corporate entrepreneurs run experiments and pilot programs to test new ideas, gather feedback, and iterate on their concepts.
• Take Calculated Risks – They take on the risks associated with innovation, balancing the need for breakthrough ideas with the organization’s tolerance for risk.
• Leverage Resources – They use the company’s existing resources – such as capital, talent, and technology – to support their innovative projects.
• Navigate Bureaucracy – Corporate entrepreneurs work within the company's structures and processes, overcoming internal challenges to push their projects forward.
• Drive Change – They help instill a culture of innovation within the organization, encouraging others to think creatively and embrace new ways of doing things.
• Measure Impact – They evaluate the success of their initiatives, looking at metrics such as revenue growth, market share, or customer satisfaction to assess the impact of their work.

Types of Corporate Entrepreneurs
Now that we have a sense of the scope of the corporate entrepreneur’s work, let’s look at some different types of these entrepreneurs, each playing a unique role in driving innovation within an organization. These types can be categorized based on their focus, approach, and the scope of their activities:

Product Innovators

• Focus – Develop new products or enhance existing ones
• Role – Create or improve products to meet emerging customer needs or to stay ahead of market trends
• Skills – Product management, design thinking, user experience (UX), market research
• Example – An employee who leads the development of a new product line that significantly diversifies the company’s offerings

Process Innovators

• Focus – Improve internal processes and operations
• Role – Work on optimizing workflows, reducing costs, and increasing efficiency within the company
• Skills – Process management, operations research, lean manufacturing, supply chain optimization
• Example – An individual who introduces a new technology or method that streamlines production or enhances supply chain management

Business Model Innovators

• Focus – Redefine the way the company creates, delivers, and captures value
• Role – Explore and implement new business models, such as subscription services or platform-based models, to drive growth
• Skills – Business strategy, financial modeling, market analysis, value proposition design
• Example – An employee who pioneers a shift from a traditional sales model to a subscription-based service

Market Innovators

• Focus – Enter new markets or segments
• Role – Identify and pursue opportunities in new geographical regions, demographic segments, or customer bases
• Skills – Market research, international business, sales strategy, customer segmentation
• Example – An intrapreneur who leads an initiative to expand the company’s presence in emerging markets

Corporate Venture Builders

• Focus – Create entirely new ventures within the company
• Role – Act as startup founders within the corporate structure, building new business units or spin-off companies from scratch
• Skills – Entrepreneurship, venture capital, business incubation, innovation management
• Example – An employee who launches a new subsidiary focused on a cutting-edge technology or market

Strategic Innovators

• Focus – Shape the long-term strategic direction of the company
• Role – Work on high-level innovation projects that align with the company’s overall strategic goals, such as sustainability or digital transformation
• Skills – Trend analysis, scenario planning, strategic foresight, innovation forecasting
• Example – An individual who leads the company’s transition to a more sustainable business model, aligning with global environmental trends

Change Agents

• Focus – Drive cultural and organizational change
• Role – Work on initiatives that transform the company’s culture, encouraging a more innovative and agile work environment
• Skills – Change management, organizational behavior, leadership development, employee engagement
• Example – An intrapreneur who implements a company-wide innovation program to encourage creativity and collaboration across departments

What is the workplace of a Corporate Entrepreneur like?

Corporate entrepreneurs generally work for large organizations that recognize the need for continuous innovation to stay competitive and grow. These organizations can span various industries and sectors.

Large Corporations

• Industry Examples – Technology, finance, manufacturing, consumer goods, automotive, pharmaceuticals, telecommunications
• Reason – Large corporations often have the resources to invest in innovation and the need to constantly adapt to market changes.

Multinational Companies

• Industry Examples – Global brands in retail, energy, healthcare, and aerospace
• Reason – Multinational companies operate in diverse markets and need to innovate across different regions and cultural contexts. Corporate entrepreneurs help these companies localize products, enter new markets, and develop region-specific strategies.

Tech Companies

• Industry Examples – Information technology, software, hardware, digital platforms
• Reason – In the fast-paced tech industry, constant innovation is crucial. Tech companies employ corporate entrepreneurs to stay ahead of technological trends, develop cutting-edge products, and disrupt traditional business models.

Financial Institutions

• Industry Examples – Banks, insurance companies, investment firms, fintech companies
• Reason – Financial institutions need to innovate in areas like digital banking, blockchain, and customer service. Corporate entrepreneurs in these settings focus on developing new financial products, enhancing customer experiences, and improving operational efficiency.

Healthcare and Pharmaceutical Companies

• Industry Examples – Hospitals, biotech firms, pharmaceutical companies, medical device manufacturers
• Reason – The healthcare sector requires constant innovation in treatments, medical devices, and patient care. Corporate entrepreneurs are employed to develop new therapies, improve healthcare delivery, and implement digital health solutions.

Consumer Goods Companies

• Industry Examples – Food and beverage, fashion, personal care, electronics
• Reason – Companies in the consumer goods sector rely on innovation to respond to changing consumer preferences and market trends. Corporate entrepreneurs help create new products, rebrand existing lines, and explore sustainable practices.

Automotive and Aerospace Companies

• Industry Examples – Car manufacturers, aircraft manufacturers, space exploration firms
• Reason – These industries are driven by technological advancements and the need for sustainable solutions. Corporate entrepreneurs are employed to innovate in areas like electric vehicles, autonomous driving, and space technologies.

Energy and Utilities Companies

• Industry Examples – Renewable energy firms, oil and gas companies, utility providers
• Reason – The energy sector is undergoing significant transformation, with a focus on sustainability and efficiency. Corporate entrepreneurs work on developing clean energy solutions, smart grid technologies, and new business models.

Retail and E-commerce Companies

• Industry Examples – Major retail chains, online marketplaces, fashion brands
• Reason – Retailers and e-commerce companies need to innovate in customer experience, logistics, and digital platforms. Corporate entrepreneurs help create seamless shopping experiences, optimize supply chains, and introduce new sales models.

Government and Public Sector

• Industry Examples – Government agencies, public institutions, non-profits
• Reason – While less common, corporate entrepreneurs are also employed by the public sector to drive innovation in public services, policy implementation, and social programs, especially in areas like healthcare, education, and infrastructure.

Corporate Venture Capital Firms

• Industry Examples – Investment arms of large corporations
• Reason – Corporate venture capital firms invest in startups and new technologies that align with the parent company’s strategic goals. Corporate entrepreneurs within these firms identify promising ventures, manage investments, and help integrate innovations into the parent company.

These employers recognize the value of fostering innovation internally and often provide corporate entrepreneurs with the resources, autonomy, and support needed to pursue new ideas and initiatives within the company.

The corporate entrepreneur’s workplace is a blend of corporate structure and entrepreneurial freedom:

• Innovation Labs or Hubs – Many large companies set up dedicated innovation labs or hubs where corporate entrepreneurs work. These spaces are often separate from the main corporate offices and are designed to encourage experimentation. They commonly feature open layouts, collaborative workspaces, breakout areas, prototyping equipment, and access to the latest technology.
• Flexible Workspaces – Corporate entrepreneurs often have the flexibility to work in different environments, including offices, co-working spaces, or even remotely. This flexibility allows them to choose the setting that best suits their needs for a given task. Workspaces frequently include hot desks (desks used by different people at different times, on an ad hoc basis), private meeting rooms, lounges, and areas for focused work.
• Collaborative Environment – The workplace is commonly designed to facilitate collaboration across different departments. Corporate entrepreneurs often work in cross-functional teams that include members from R&D, marketing, sales, finance, and other areas. Frequent team meetings and brainstorming sessions are the norm.
• Access to Resources – Corporate entrepreneurs have access to a wide range of resources provided by the company, including funding, technology and R&D facilities, market data, and internal networks of experts and mentors. These resources are essential for developing and scaling new ideas within the organization.
• Creative and Open Culture – The culture in a corporate entrepreneur’s workplace is often more open and creative compared to traditional corporate environments. There is an emphasis on risk-taking, experimentation, concept iteration, rapid prototyping, pilot programs, and learning from mistakes. Out-of-the-box thinking, open communication, flat organizational structures, and recognition programs for innovative ideas are typical features of the environment.
• Agile and Fast-Paced Atmosphere – The atmosphere is usually agile and fast-paced, reflecting the need to quickly develop and test new ideas. Corporate entrepreneurs often work on multiple projects simultaneously, with a focus on rapid iteration and experimentation. The work environment is characterized by agile methodologies, short project cycles, frequent feedback loops, and a focus on minimum viable products (MVPs). A minimum viable product, or MVP, is a product with enough features to attract early-adopter customers and validate a product idea.
• Technology-Driven Workspace – The workplace is often equipped with the latest technology to support innovation, such as tools for digital collaboration, data analysis, prototyping, and customer feedback. Features include advanced software platforms, digital whiteboards, virtual reality (VR) setups, 3D printers, and other high-tech tools.
• Close Proximity to Leadership – Corporate entrepreneurs often work closely with senior leadership and decision-makers within the company. Their proximity to top executives allows them to secure buy-in for their projects and align their innovations with the company’s strategic goals.
• Customer-Centric Focus – Corporate entrepreneurs often work in environments where customer feedback is integral to the innovation process. Their workspace may be designed to facilitate direct interaction with customers or user testing, frequently featuring customer experience labs or usability testing rooms.