I recently did a talk on Intrapreneurship and the focus was around the 20% innovation time rule, similar to the one Google use.
The concept is based around spending 20% of your time on innovation, whether this is on new products or services that you could offer, or improve strategies, sales methods or production. The 20% innovation time rule can work on anything, but the reason it’s so good is that it both motivates you and your team, as well as this, it keeps your company fluid – there’s no sitting still in the market if you’re focused on spending time on new ideas.
Google use this strictly by allowing their staff to spend 20% of their time (that’s one day a week) on something unrelated to their job, creating something innovative, and most notably, Gmail was created using this technique.
More recently I have used the same concept to create new ideas and new techniques, I also allocated a chunk of profits to this, which allows for both the time and any investments that may need to be met. It has led to us creating completely new services – such as the ICA Conference in Milton Keynes, as well as moving forward with our systems when managing our clients’ marketing activities.
Intrapreneurship works within organisations, and if you can build a culture that allows for innovation, risk-taking and invention then you’re company will always move forward.