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?
- 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?
- Entrepreneurial behavior inside established companies
- 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.
- These kinds of innovations happen frequently and are very important in keeping your product fresh!