Fostering an Innovation and Entrepreneurship in Corporate Environments

Authors: Karthik Hosavaranchi Puttaraju

DOI: https://doi.org/10.5281/zenodo.14122372

Short DOI: https://doi.org/g8qtsx

Country: United States

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Abstract: Promoting creativity, innovation, and an entrepreneurial mindset within a corporate setting is essential for companies to remain competitive and achieve long-lasting expansion in the modern, rapidly evolving market driven by technology. Classic big companies usually focus on efficiency, scalability, and risk reduction instead of innovation, ultimately limiting their agility and creativity. To develop an entrepreneurial mindset, leaders must encourage employees to innovate, take measured risks, and quickly adjust to market changes. This research focuses on how leaders can combine the strengths of established corporate capabilities and support systems with a startup mindset of problem-solving to generate superior economic value. The importance of fostering a culture of innovation and entrepreneurship in large organizations is emphasized in the literature review, covering topics such as entrepreneurial orientation, Principled Entrepreneurship® that are necessary for innovation, and methods to promote an entrepreneurial mindset. Issues hindering innovation in large companies, such as focusing on short-term visions and inflexible hierarchies, are also being tackled. The discussion suggests various tactics to encourage innovation, such as establishing a leadership example, establishing supportive frameworks, recognizing innovation, and integrating innovation into company culture through cultural change. By implementing these tactics and encouraging a mindset of growth, independence, and psychological well-being, companies can effectively nurture an entrepreneurial attitude and propel long-lasting development in today's ever-changing business landscape.

Keywords: Innovation culture, corporate entrepreneurship, Intrapreneurship, Organizational innovation, Innovation management, corporate innovation strategies, Innovation barriers, Leadership for innovation, Cross-functional collaboration, Innovation incentives, Transformation, Innovation frameworks, Agile methodologies

Paper Id: 231589

Published On: 2021-10-06

Published In: Volume 9, Issue 5, September-October 2021

Cite This: Fostering an Innovation and Entrepreneurship in Corporate Environments - Karthik Hosavaranchi Puttaraju - IJIRMPS Volume 9, Issue 5, September-October 2021. DOI 10.5281/zenodo.14122372

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