An intrapreneur is the not-so-new concept of having employees create new products and services while working for their everyday employer. A more formal definition might be that intrapreneurship is the practice of risk-taking and innovation approaches, as well as the reward and motivational techniques that are normally thought as being entrepreneurial, but doing them within a corporate or organizational structure.

However you define it, many organizations and companies are actively encouraging their staff to think and develop inside their corporate box. That has meant an exponential growth for many of them in product and procedural development by allowing employees to move their own ideas, innovations, and techniques into solid plans of action that benefit the companies they work for.

Companies who want to move in this direction should actively work to create the environment where intrapreneurship can flourish and grow. This might include things like giving people the message that it’s okay to make mistakes and even to fail, as long as the creative process keeps moving. Fear is the known enemy of both creativity and innovation. Another idea is to create cross-section or inter-departmental teams that can share different ideas and come up with suggestions for new products and services. One more is to establish an in-house fund like a venture capital pool. Employees can submit ideas that can then be considered for funding and development.

But what’s in it for you, as an employee? Some people think that this concept is just another way for the corporation to pick your brain and take the best stuff for themselves. That can be true. But it can also be an exciting and creative opportunity that allows many employees to highlight themselves and really launch their careers. The medium ground is one where there are enough rewards built into the system to ensure that both the organization and the individual hard work are adequately compensated. The good news about intrapreneurship is that it really can be a win-win situation.

All over the corporate world there are some very exciting programs that intrapreneurs are engaged in. At aerospace giant Lockheed Martin, intrapreneurs have developed a series of new aircrafts and at 3M, they came up with the idea for the popular Post-It Notes. One of the pioneers in intrapreneurship is the technology behemoth Google. At that company they have a 20% program whereby that amount of time is set aside for every employee to work on, and develop, their own ideas and programs. That had led to a number of successful product launches including Google News, AdSense and Gmail. All these companies and more have realized that this type of thinking fuels business growth and allows them to gain a competitive advantage in their industry.

Do you want to be an intrapreneur? Here are a few tips that might help you get started and be successful in the world of intrapreneurship.

Don’t let the structure slow you down
In order to be successful, you first have to overcome the organization’s formal structure, as well as any internal roadblocks. This means being able to bypass the normal approval processes and the corporate bureaucracy. You will have to get middle and senior management on board with your idea right from the beginning. They have to understand and agree that this innovation will fit into the mission and goals of the organization.

Take advantage of what’s around you
One of the greatest benefits of intrapreneurship is that you already have a built infrastructure and support system. Take advantage of the engineering, financial, marketing, and production assets your company already possesses. This by itself removes most of the pressure that building a product on your own might entail, and frees you up to just develop and grow your idea to fruition.

Move quickly
Once you get approval, you should get moving. Time is not your friend as an intrapreneur. The faster you get your product ready for market the better your boss will like you, and the more chance you have to be successful. This doesn’t mean cutting corners on developing or testing your concept, it means getting the time involved and the timing just right. Get the process rolling and don’t stop until you can see results.

Intrapreneurship is now well-recognized as a key to dynamic growth and change in every part of the economy. It is an opportunity to develop ideas quickly and more efficiently inside the corporate world. It leverages individuality and creativity with internal resources and corporate support. It gives opportunity for everyone, including businesses and organizations, to benefit from the great ideas that are sitting inside their employee’s heads, waiting to meet the world.