The process of creating new products, ventures, processes, or strategies within an existing organization defines a specific approach to innovation. This involves employees acting as entrepreneurs within the confines of their company, leveraging company resources to pursue opportunities for growth and development. A software company allowing its developers to dedicate a percentage of their time to experimental projects that might lead to new features or entirely new product lines illustrates this concept.
This internal drive for innovation is vital for maintaining a competitive edge and adapting to evolving market demands. Benefits include enhanced employee engagement, the development of innovative solutions, and increased organizational agility. Historically, organizations have recognized the need to foster this internal spirit to avoid stagnation and capitalize on emerging opportunities.
