The Right Intrapreneurship Idea
What defines a great business idea? It is not the idea itself, but the intersection of pieces that make it the right idea. Part 5 in the “Right” Series.
Ideas are like rabbits. You get a couple and learn how to handle them, and pretty soon you have a dozen.
- John Steinbeck
So how does one come up with good ideas? For me, borrowing from the Japanese Ikigai Concept, the “right” idea for an intrapreneur is the intersection of the four following concepts:
- What the World Needs
- What People are Willing to Pay For
- What Your Company Does Well
- What Excites You
Likewise, those evaluating these ideas should consider the fit along these concepts.
1) What the World Needs
Needs are everywhere. We just have to learn how to look for them, notice them, and understand their implications. Needs are discussed by news commentators, by our co-workers over tea, by our spouse when we sit down for dinner.
Great ideas meet needs that have been ignored, needs that a significant segment of the world is looking to be solved.
Does the world really need this idea?
2) What People are Willing to Pay For
Unfortunately needs don’t always equate with the willingness to pay — not all problems are solvable nor are all needs going to be met; likewise not all problems have someone willing to pay to solve them. Even in social enterprises, where the social need has no payer, there needs to be an alternate value proposition with a buyer on the other end.
Great ideas solve problems that demand solutions, and are suffered by people willing to pay to alleviate the pain.
Who is willing to pay for this idea?
3) What Your Company Does Well
In our realm of corporate entrepreneurship, we don’t seek to build our own ventures but startups within existing corporations. This provides the intrapreneur with the resources and know-how of not just the individual but the entire company. But ideas need to have the right fit with the company in order to take advantage of this opportunity.
Great intrapreneurship ideas both fit with and leverage the business model of the existing company in order to get to market and scale faster.
Does the idea match with the company’s business model?
4) What Excites You
Regardless of how great an idea is, how well it fits with the the world and the company, it is the people driving the idea that will make it run, and that motivation to push an idea forward must be intrinsic to the idea and have a good fit with its purveyors.
Great ideas are reflected in the enthusiasm and the passion of the founders, and the belief that they can make it a reality.
Are the founders truly excited about the idea?
It’s a short list… and likewise I’ll keep my post short. Next time you have a “great” idea make sure to check off all the boxes before moving forward.
The “Right” Series
Make Innovation Work
Core Strateji is a strategy consulting firm that specializes in supporting leading companies to transform into ambidextrous organizations. Are you ready to move your innovation activities forward?
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