Entrepreneurship and Corporate Entrepreneurship/Intrapreneurship

Entrepreneurship is a dynamic process of vision, change and creation that requires an application of energy and passion towards the creation and implementation of new ideas and creative solutions. Also Entrepreneurship can be defined as the capacity and willingness to undertake conception, organisation, and management of a productive venture with all attendant risk, while seeking profit as a reward. .

Corporate Entrepreneurship is the process of profitability and creating innovation within an organizational setting. for example,in an establishment someone comes up with an improvement idea which will help him make more money for himself and the company. According to Burgelman (1983)Corporate entrepreneurship refers to the process whereby the firms engage in diversification through internal development. Such
diversification requires new resource combinations to extend the firm's
activities in areas unrelated, or marginally related, to its current domain
of competence and corresponding opportunity set. Also Chung & Gibbons (1997) defined
Corporate entrepreneurship as an organizational process for transforming
individual ideas into collective actions through the management of
uncertainties. Finally Corporate entrepreneurship
is the process whereby an individual or a group of individuals,
in association with an existing organization, create a new
organization or instigate renewal or innovation within that
organization.

Below is an example of an Intrapreneur and how he came about.

Digital Light Processing Technology

Intrapreneur:

Larry Hornbeck

Company:

Texas Instruments

Year Launched:

1996

TI researcher Larry Hornbeck had been tinkering for a decade with technology using tiny mirrors to redirect photons when his team developed the Digital Micromirror Device in 1987. DMD initially was used to print out airline tickets, but the government’s Defense Advanced Research Projects Agency initiated research in high-definition video and awarded TI and other manufacturers a multi-million dollar contract to work on the issue. TI execs started an internal venture called the Digital Imaging Venture Project and tapped Hornbeck to lead it. At the time, video projectors weighed 40 to 50 pounds and cost $15,000 to $18,000. Hornbeck realized DMD technology could greatly shrink the size and cost of a digital projector. Digital Light Processing quickly became an industry standard, dominating the market in projectors less than five pounds. The technology also has revolutionized the movie theater business and allowed Texas Instruments to compete in the HDTV market. Hornbeck received an Emmy for Outstanding Achievement in Engineering Development in 1998.