How can large corporations focus on product innovation in the same way that start-ups do? Through corporate entrepreneurship. Using the resources of the parent company, individual employees and internal teams can develop new products, innovations or brands. This leads to increased profits and a more competitive stance in the marketplace. It also helps large companies retain talented staff that might otherwise leave to start teir own ventures.
Emerging business models seldom mesh smoothly with well-established systems, processes, and cultures. Yet success requires a blend of old and new organizational traits, a subtle mix of characteristics achieved through what we call balancing acts.