Book Title: Sustainable Innovation and Global Business Practices
Editors: Dr. D. Kinslin, Dr. K.A. Janardhanan, Dr. M.C. Shibin Tad, and Dr. D. Deekshith
ISBN: 978-81-69297-56-1
Chapter: 5
DOI: https://doi.org/10.59646/724/5
Author: Dr. V. P. Velmurugan
Abstract
This chapter focuses on the concepts of corporate innovation and intrapreneurship, exploring their roles in fostering a culture of innovation within organizations. It defines corporate innovation as the process of developing new ideas, products, or services that create value and drive growth. The chapter discusses the importance of intrapreneurship, where employees act as entrepreneurs within the organization, contributing to innovation efforts. Key strategies for cultivating an innovative culture are presented, including encouraging risk-taking, collabouration, and leadership support. The chapter highlights various frameworks for implementing innovation strategies, such as design thinking and agile methodologies. Case studies of organizations that successfully embraced intrapreneurship demonstrate the potential benefits of internal innovation. The chapter concludes by addressing challenges to fostering innovation and predicting future trends in corporate innovation.