Corporate innovation and intrapreneurship structuring: An exploratory research

Abstract

Today, change has accelerated all over the world and has become multi-dimensional. The rapid and interactive process of change in political, social, cultural, and economic fields comes to the fore as processes such as quick action in business management, quick decision making, and providing a dynamic and more flexible structure to management. The word strategy is a war term and comes from the Greek word "strategia". In recent years, worldwide businesses have had to think more strategically, and give more importance to strategic planning and decision-making in the face of intense competition arising from reasons such as globalization and rapid technological developments. The main purpose of today's world businesses is to develop strategies and methods and reach the goals and objectives of the business by ensuring that the best service and product are delivered to customers in an efficient and effective way. In order for businesses to keep up with these changes, they must have a long-term vision and include innovation in this vision. Innovation is derived from the Latin word "innovatus". Innovation is defined by the European Commission in 1995 as a marketable, new or improved product, method or service introduced at the end of the transformation process. According to world-renowned management scientist Peter F. Drucker, innovation is a transformation tool. Innovation is the basis for developing and changing a product, production, idea or need. It is the development of new products, the conversion of new ideas into money, the meeting of the needs of the market, the provision of human resources, and the creation of a management process for the institution that proceeds in parallel with science-technology-R&D. The need for rapid access to information with changing and developing technology draw attention to the importance of innovative approach and innovative corporate culture. While providing a competitive advantage in the market, it also provides the emergence of a business model. Firms that want to gain permanent competitive advantage need process improvement and service innovation. All these requirements show the need for companies for an innovation strategy. The innovation strategy enables the organization to structure innovation to optimize and gives innovation a system within the organization. It sets out a roadmap for the future the company aims for. Companies without an innovation strategy run the risk of losing their market edge over time. In the innovation strategy, which is a part of the corporate strategy, the challenges are determined and innovation areas are defined according to the needs of the institution. Intrapreneurship is also part of this strategy. Intrapreneurship is the generation of ideas and projects within a certain corporate organization without leaving the institution they work voluntarily. It is a fairly new concept, but it has developed rapidly and has entered thousands of organizations and economies around the world. It encourages employees to think outside the box while keeping their ideas safe within the organization. While not all new ideas have potential, the organization can motivate its employees to think innovatively. Thus, the culture instilled in employees can have a tremendous impact on the growth and perhaps a revival of a particular business. In this study, the relationship between corporate strategy, corporate innovation, and intrapreneurship structuring was questioned and exploratory research was conducted. To gather data, in-depth interviews were conducted with 14 innovation professionals in different sectors and positions. To ensure the impartiality of the study the Text Summarization Algorithm is utilized. Then, each answer summary was explained accordingly and overall responses were extracted. Furthermore, The word frequency table was constructed and illustrated to yield a comprehensive picture of the study.