How do companies fan the flames of innovation by tapping into the creativity of their existing employees ?

What are some practical strategies to foster a culture of innovation from within? 

To answer those questions, the consultancy firm Ernst & Young conducted a series of global surveys of senior business leaders as well as interviews with leading academics and industry authorities.

E&Y, according to the survey, found that effective intrapreneurship involves six tactics. The consultant put it as listed below :

1. Set up a formal structure for intrapreneurship. Give people enough time away from their “day jobs” to work on creative projects, but provide a formal process for new product development.
2. Ask for ideas from your employees. They have their fingers on the pulse of the marketplace. Encourage them to contribute to the innovation dialogue.
3. Assemble and unleash a diverse workforce. It’s no secret that diverse groups come up with more innovative ideas. Tap into this multifaceted source of power.
4. Design a career path for your intrapreneurs. For the most part, intrapreneurs are mavericks who will quit — and take their best ideas with them — if they don’t see prospects for career advancement.
5. Explore government incentives for innovation. Ask how these can support your intrapreneurial ventures. Governments all over the world are offering new tax breaks and other incentives for research and development (R&D) — and corporations in turn are urging governments to support innovation.
6. Prepare for the pitfalls of intrapreneurship. Not all ideas will produce successful new products. Failure is an important part of the process.

These strategies achieve a key goal: institutionalizing intrapreneurship so that it becomes an inseparable part of a company’s operations. Only then can the process of continuous innovation take place — allowing the company to stay a market leader.

(photo via http://www.bluenove.com/publications/blog/profession-intrapreneur/ )