Innovation in Established Companies

Why UT Dallas and the Institute for Innovation and Entrepreneurship (IIE)?

  • A key part of the UT Dallas vision and strategy of being an innovative university is to:
    • Offer community engagement especially with industry
    • Enable job creation through innovation and intrapreneurship
    • Help spawn new businesses within companies and also new startups

What Can the IIE Intrapreneurship Initiative Offer to Established Companies?

IIE can:

  • Perform innovation audits and analyses
  • Provide solutions to gaps between ideas and performance
  • Consult with companies on best-practice solutions
  • Consult with companies regarding employee education in processes for innovation and intrapreneurship
  • Facilitate innovative partnerships to access UT Dallas intellectual property (IP)
  • Leverage UT Dallas technologies, ideas, and IP from all UT Dallas schools, departments, centers and institutes
  • Introduce you to students with the entrepreneurial spirit for hire or internships

What is Corporate Entrepreneurship or Intrapreneurship?

Intrapreneurship is:

  • Entrepreneurial behavior inside established companies which typically occurs in mid-size and large corporations
  • Creating structured processes for entrepreneurial behavior within an established company
  • Recognizing and acting on the ongoing need for new processes, structures and changes in culture

Why Do Companies Need Intrapreneurship?

  • Intrapreneurship is critical to profitable growth.
  • Intrapreneurship creates a pipeline of new ideas
  • Intrapreneurship establishes a culture of innovation
  • “A large organization that becomes complacent and loses sight of the benefits of having an entrepreneurial streak built into their massive global systems can find themselves disrupted in short order.
    — David Armano, executive VP, Global Innovation and Integration at Edelman

What is Innovation?

There are two major categories of innovation:

  • Disruptive Innovation
    • Discontinuous (or disruptive) innovations are radical because they make a deep impact on society at large, and can change lifestyles and buying patterns, generating huge returns for the company.
    • These kinds of innovations can be dangerous and exciting — they can make or break companies.
    • The key to winning is knowing what is coming next and being positioned to cash in on the change!
  • Continuous Innovation
    • A minor change in an established product or service is called a continuous innovation — there is nothing radical about it. The reason for the innovation is to:
      • Address customer critiques of the established product
      • Make the established product “better” than competing products
      • Create a new variation on the theme so that the core product has even wider appeal.