Successful startups eventually become fully fledged companies, and in the process, many lose that early energy and unique culture that gave their brand personality and kept employees engaged.
Here’s a four-step plan to resurrect that startup-like culture in any company from Canadian Business.
1. Build idea labs. “Intrapreneurship is difficult at the best of times, but a lab creates a place where everybody in the company can see something special is happening,” Eugene Roman, Chief Technology Officer, Canadian Tire, told CB.
2. Change how you think about failure. “In order to innovate, companies need to recognize the possibility of failure and recast it as learning, and change the collective mentality of how they view failure,” J. Robert Mitchell, Associate Professor of Entrepreneurship Education, Ivey Business School, told CB.
3. Run pitch competitions. “We have a few competitions across various departments that help foster the spirit of intrapreneurship,” Kevin Banderk, Vice-President of Mobility Marketing, Telus, told CB.
4. Give employees time for passion projects. “You have to give people the opportunity to participate in what’s called ‘skunk works.’ That means employees can work on something outside of supervision and just try it out. If the project is interesting, the firm can give the employee money and formal time off to work on it,” William Mitchell, Professor of Strategic Management, Rotman School of Management, Toronto, told CB.
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