From Employees to Corporate Entrepreneurs

Elmelund Innovation

(photo courtesy of www.webhomes.com) (photo courtesy of http://www.webhomes.com) After interviewing 37 small and medium enterprises, results showed that the ideas for most of the innovations in Faroese businesses were identified by chance and not through a structured innovation process. For the most part, this phenomenon occurs when you expect a single entrepreneur or a development department to come up with all of the ideas for innovations in a business without providing the necessary training in order to bring all employees to be a part of the idea development process.

In this context it is noteworthy to mention that the notion of “Corporate Entrepreneurs” has gathered momentum throughout the past decade or so because it encompasses employees who develop and drive ideas into products and services similar to a regular entrepreneur. This stems from studies which show that by using innovation-systems and training, businesses are able to increase the amount of ideas for products and…

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