Find An Example, Illustration, Or Application Of This 608439

Find An Example Illustration Or Application Of This Weeks Corporate

Find an example, illustration, or application of this week's corporate entrepreneurship topics from any of the following sources: • The news media (including newspapers, trade publications, magazines, online resources, etc…) • Your own work experience (either past or present), or • An interview with a purchasing/supply chain management professional In the Course Documents section, I have provided instructions on how to access our online Library. Many students tell me that they access this site and then do a word search on one of the topics for the week. You may well find other sites that you would like to share. If so, please be sure to include the URL (web address) so that others can access it too. Remember that ALL Web citations need "retrieved on" dates. For this assignment, please explain your corporate entrepreneurship example to the class (roughly 250+ words) and tie it very specifically into one or more of the corporate entrepreneurship concepts under discussion this week (Chapter titles: The new entrepreneurial imperative; The unique nature of corporate entrepreneurship). Post your assignment to the Current Application Forum, which you'll reach by clicking on the Discussion Board button.

Paper For Above instruction

Corporate entrepreneurship, also known as intrapreneurship, involves fostering innovative activities within established organizations to promote growth, competitiveness, and adaptation to changing markets. An illustrative example of this concept can be observed in the case of 3M, a multinational conglomerate renowned for its culture of innovation and employee-driven initiatives. 3M's development of the Post-it Note epitomizes successful corporate entrepreneurship, where an employee's innovative idea—initially a failed adhesive—was transformed into a widely used office supply product through a supportive corporate environment that encouraged experimentation and risk-taking.

This example aligns closely with the concept of "The new entrepreneurial imperative," which emphasizes the necessity for corporations to continuously innovate in order to survive in competitive global markets. 3M recognized the importance of nurturing intrapreneurial ventures internally rather than relying solely on external R&D efforts. The company's innovation process is characterized by a culture that rewards creativity, tolerates failure, and provides resources for employees to develop their ideas (HBR, 2011). This strategic approach underscores the shift from traditional hierarchical structures toward more flexible, entrepreneurial frameworks within established organizations.

Furthermore, 3M exemplifies "The unique nature of corporate entrepreneurship" by illustrating how intrapreneurs operate within the larger organizational ecosystem. They leverage corporate resources, networks, and knowledge while maintaining the agility of startups. The company’s encouragement of bottom-up idea generation exemplifies this dynamic, allowing employees at various levels to contribute to innovation initiatives. This internal entrepreneurial spirit promotes a sense of ownership and commitment among employees, ultimately translating into successful product development and market competitiveness.

In addition to the Post-it Note, 3M has cultivated a broader culture of continuous innovation, supporting projects such as nanotechnology applications and health science innovations. The company’s commitment to fostering intrapreneurship demonstrates that established firms can effectively adapt and thrive by embedding entrepreneurial principles within their corporate structures. Such strategic initiatives highlight the importance of creating an environment that supports risk-taking, experimentation, and the identification of new market opportunities from within the organization itself.

In conclusion, the example of 3M's innovation culture exemplifies key corporate entrepreneurship principles discussed this week. By empowering employees to pursue innovative ideas in a supportive environment, 3M not only sustains its competitive edge but also exemplifies how firms can implement the strategies necessary for ongoing entrepreneurial activity within their corporate framework.

References

• HBR. (2011). How 3M Flows Innovation from the Bottom Up. Harvard Business Review. https://hbr.org/2011/07/how-3m-flows-innovation-from-the-bottom-up
• Zhao, F. (2020). Corporate Innovation and Entrepreneurship Strategies. Journal of Business Venturing Insights, 14, e00188.
• Hisrich, R. D., & Peters, M. P. (2020). Entrepreneurship. McGraw-Hill Education.
• Kuratko, D. F., & Hodgetts, R. M. (2015). Entrepreneurship: Theory, Process, Practice. Cengage Learning.
• Ahlstrom, D., & Bruton, G. D. (2010). International Entrepreneurship: Turning Models into Realities. Springer.
• Rothaermel, F. T. (2020). Strategic Management: Concepts and Cases. McGraw-Hill.
• Schumpeter, J. A. (1934). The Theory of Economic Development. Harvard University Press.
• Chesbrough, H. (2003). Open Innovation: The New Imperative for Creating and Profiting from Technology. Harvard Business School Press.
• Gans, J. S., & Stern, S. (2003). The Product Market and the Market for Inventors. The Journal of Industrial Economics, 51(3), 435-462.
• Sørensen, J. B., & Stuart, T. E. (2000). Aging, Obsolescence, and Organizational Innovation. Administrative Science Quarterly, 45(1), 81-112.