Corporate Entrepreneurship and Innovation

This assignment delves into the concept of corporate entrepreneurship, exploring its theoretical underpinnings, key models, and challenges faced by organizations in implementing it. It emphasizes the crucial role of corporate entrepreneurship in driving innovation within established firms and analyzes its impact on organizational success. The assignment draws upon a range of academic sources to provide a comprehensive understanding of this vital topic.

Corporate Innovation and Entrepreneurship
Table of Contents

EXECUTIVE SUMMARY.............................................................................................................1
INTRODUCTION...........................................................................................................................2
ANALYSIS......................................................................................................................................3
CONCLUSION................................................................................................................................3
RECOMMENDATION...................................................................................................................4
REFERENCES................................................................................................................................5

EXECUTIVE SUMMARY
Innovation refers to modifying processes or developing effective products, ideas and
processes. In regards to business, it mean executing the new ideas, developing changing goods or
make improvement in available services. Innovation is helpful in make business successful.
Corporate innovation is regarded as profitable execution of the creative ideas. Firms engage in
the corporate innovation have dedicated teams towards efforts of innovation. Corporations have
proven to immensely successful at the advancing models of existing business. Entrepreneurship
refers to an activity of setting business, taking financial risk in hope of profit. It is procedure of
design, launch and also run new business. People which start or run new business are known as
entrepreneurs. Entrepreneurship is characterised through risk taking and innovation. It is
necessary part of ability of nation to succeed in ever modifying as well as enhancing the
competitiveness at market place. Willingness and capacity to create, organise and manage new
business venture with taking risk in context to generate profit. Corporate entrepreneurship is
procedure used to create the new goods, business and services inside existing firms in order to
develop value and also earn profit by entrepreneurial actions. This project is related to the
corporate innovation and entrepreneurship. This present report is based on MatchBox Architects.
This assignment is made through firms which might be orchestrate the organisational systems to
support or barrier innovation, creativity, manage change and corporate entrepreneurship. There
will be discussion about the challenges as well as opportunities as company develops in size. In
this assignment mentions about different theories which assess in measuring the capabilities and
ideas of company. After the whole discussion, there will be requirement to provide suggestion to
business firm. Recommendation helps in give positive ways to achieve growth or development of
company in an efficient manner.
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INTRODUCTION
Innovation refers to translating an invention or idea in to service or products which
develop value for consumers. An idea should be replicable at economical cost and also should
fulfil particular requirement. Innovation consists application of information, initiative and
imagination in deriving various values from the resources. An innovation can be viewed as
application related to better solutions which meet with new needs, existing market requirements
and unarticulated needs. It involves all processes through which new thoughts are generated and
also converted in useful goods (Amore, Schneider and Žaldokas, 2013). Corporate innovation
can explained as procedure of company executing new innovation related opportunities in to
current business models. As start up businesses are enhancing out perform their corporate
counterparts, so it is necessary for the exiting firm to embrace model of corporate innovation. An
entrepreneur is a person who undertakes creation, ownership, company and also risk of business.
Entrepreneurship is an act of developing business while creating along with scaling it to make
profit. It plays a vital role in economic development by expand business at global level.
Corporate entrepreneurship is set of development and innovation. It gives systematic review of
processes, environment and resources which are required to motivate, engage and support
company in entrepreneurial action or thinking. Firms with better entrepreneurial orientation
perform in better manner. They attain high development, innovation, financial returns and
productivity. Corporate entrepreneurship is an art of developing innovative thoughts with in
corporate and also materializing to generate profit. Entrepreneurs are well known as innovators
because they do change world around them by creating new ideas.
Organisational culture refers to system of shared values, beliefs and assumptions which
governs how persons behave in company. It encompasses behaviours and values which
contribute towards unique psychological and social environment of company. Each business has
corporate culture that ingrained in its operations. It is invisible force that develops shared values
and attitudes between its workforce. Improvements in organisational culture helps in
continuously solve issues in better manner (Chaston and Scott, 2012). It may need better cultural
change as well as organisational shake-up by behaviour setting and orientation. Organisational
climate refers to subject to the change and can shaped through top management of company. It is
easier to experience the organisational climate. It reflects existing atmosphere of company under
which staff members work. Organisational climate plays a necessary role in innovation of
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business as it has critical for firms, people and nations in challenging world. Knowledge of
employees is necessary if companies are innovative and develop competitive benefits. For this, it
is important to company to develop better organisational climate that make innovation between
employees. This present report is based on MatchBox Architects. It is RIBA Chartered Practice
company dedicated to delivery of well attracted and designed spaces and buildings. Main aim of
this report is to determine the creative or innovative thinking of employees which are working in
company by their supported thoughts. Under this mention report will be discussed about barriers
or support to innovation, corporate entrepreneurship and creativity in company. Some influential
contemporary theories to analyse synthesise and in- depth organisational systems will be
mentioned in given assignment.
ANALYSIS
Innovation culture is work environment that the leaders cultivate in context to nurture
unorthodox thoughts and also its application. Culture is deemed to be an important basis for the
innovation. It is related to introduction of something new or make improvement in existing such
as processes, services and products (Corbett and et. al., 2013). Rapid technological change,
economic uncertainty and enhancing global competition contribute to enhancing interest of an
organisation on innovation and creativity. It is necessary for MatchBox Architects to generate
the new ideas for enhance growth of business. Leaders enhance efficiency and effectiveness of
company by creativity. Sometimes, creativity and innovation of people in an organisation is
influenced through climate. So, it is a responsibility of MatchBox Architects company to
maintain positive climate so that staff members can think new ideas. Innovation is helpful in
support business activities. On the basis of conducted survey, climate and culture of MBA
business firm is effective and employees are able to perform its business activities in significant
manner. Staff members generate the new ideas to make some innovation and creativity in interior
of buildings. It works on build attractive buildings of industrial, residential and commercial
sectors. Main objective of this organisation is to develop exciting buildings which help in reflect
brand or personalities of consumers while complementing local environment. In context to
innovation, MBA business firm encourage its staff members. It gives importance or value to
ideas of its employees. Company give reward to its employees for their creative work in
company and they are also encouraged to take the risks in business. It helps in enhance their
motivation and they are able to get new ideas about new services or products. The top
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management develops a plan so that employees will perform or complete task accordingly.
Upper level management set goals which employees need to be attained in specific period of
time. It will help in provide competitive benefits to business.
In MatchBox Architects organisation work group support is high. All team members
work together for attaining given aims and objectives with in specific in given period of time,
they understand feeling of each other and also support them. Every team member of MBA
company is very creative and they are able to generate innovative ideas to make infrastructure of
building attractive. In order to support innovation, company provides sufficient resources to
employees. For convert the idea in to practical way, business firm provides finance, equipments,
technological resources, man- power etc. Creativity is use of original ideas or imagination to
develop something (Kuratko, 2016). It can be in the form of intangible and physical object. The
organisational climate of MBA company is better and top management support creativity of staff
members. The area of an organisation is innovative and creative. Under MatchBox Architects
organisation, work pressure on employees is low. In working culture of this organisation,
manager does not pressurize staff members but provide a limited time period. So, focus of all
employees to work in a given period of time and get better outcomes. If climate and culture of
company will be better then employees are able to do innovation and creativity. It will help in
enhancing productivity of company in better manner. It will also help in attracting large number
of consumers towards attractive buildings.
On the basis of conducted survey, there are some less score key scale which develops
negative impacts in business. According to survey, because of the bad culture as well as climate,
freedom is a main issue in MatchBox Architects organisation. In this firm, the culture of firm is
not good and from this employees will not feel more comfortable. From this, they can not feel
motivated and it develops negative affects on innovation and creativity of business. There is no
freedom to decide which project need to be completed. From this culture, employees feel more
pressurized in order to meet the specification regarding the work. On the other hand, in
MatchBox Architects there is minimum encouragement of supervisor. Because of the negative
culture and climate, supervisor of this company does not support the innovation and creativity of
employees. The supervisor does not encourage employees so that they can work in well manner
and focus on attaining set objectives with in minimum period of time. Supervisor of MatchBox
Architects does not support the ideas and of staff members. In order to resolve this issue, it is
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necessary for management to conduct the formal meeting of supervisor and employees. Through
this, they both can discuss about issues and find way to resolve them in significant manner. The
management should include the employees in the process of decision making so that they will
feel motivated. So, in order to resolve all issues, it is necessary for management of MatchBox
Architects business firm improve climate of firm.
There are some barriers in creativity, innovation and corporate entrepreneurship in MatchBox
Architects company mention below:
Lack of Creative thinking skills: Lack of creative thinking creates many issues which
negatively impact on creation of innovation within workplace. In context to Matchbox
Architects, creative thinking is process that consolidated empathy, creativity and rationality for
meet needs of customers. Creative thinking means think out of the box (Drucker, 2014).
Matchbox architect assures that it gives services on the basis of needs of consumers. With the
help of adopting innovative tools, company can make something more creative.
Top down versus bottom-up: Top down and bottom up approach both are two more
popular approached which used to analyse the operational risk. Top down approach is investment
strategy that assess in attain balance in investment portfolio. It helps in analyse risk by
aggregating affect of internal operational failures. Bottom up approach is based on individual
stocks. It is more particular in which skilled staff members are included for creative thinking.
Budget: IT is a main barriers because without money company can not perform its
business activities. It is necessary for MBA organisation to prepare budget and arrange money on
the basis of operations or activities of business.
Lack of Climate for creativity and innovation: For Match Box Architect organisation,
creativity and innovation are regarded as necessary core factors. Due to lack of climate of
innovation, company can not create better design of building and will able to provide something
new or different to consumers. Employer of Match Box Architecture company plays an essential
role in identifying effective innovation of employees by inspiring them (Kuratko, Hornsby and
Covin, 2014).
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Climate and culture of business organization play vital role in managing issues and
obstacles at workplace. With the help of this company can easily improve their overall
performance level. If culture of the company is effective than workers are easily perform their
task and also take participate within decision making process. This will increase involvement of
the workers and at the same time also enhance their productivity level.
Freedom: Less freedom in the organisation is the result of more strict working
environment. This impact negatively on employees as they are not able to give their best efforts
to the company. In context to Matchbox Architects, according to the survey it has been analysed
that working climate of this company is not friendly for its employees which reduces work
efficiency of its employees. There are various factors through which freedom can be enhanced in
the organisation are described below: Flexibility: Matchbox Architects can provide flexibility working hours to employees as
every individual suffers from various problems which stops them in reach to the offices at
decided time frame. This will encourage employee that they can work for the company in
their comfortable time. As a result they will perform assigned task in effective manner
with their all the efforts. Along with this , employees will also express their valuable
ideas to the superior that may result profitable for Matchbox Architects.
 Liberty to employees: Liberty refers to the right which allows employees to perform
assigned work effectively. Manager of Matchbox Architects should delegate its
responsibility among the employees along with liberty. This will help them in placing
their hard work in organisational work. Along with this, it will also reduce time of
decision making process as employees can take small decision at their own level without
disturbing higher authority. As a result, every task in Matchbox Architects will
accomplish in given period of time that will also enhance profitability of the company.
Supervisory encouragement: This means that higher authority in an organisation
encourage employees to achieve their predetermined goals and targets. In relation with
Matchbox Architects, it has been analysed that on the basis of survey supervisory encouragement
in this organisation is less. This directly affects culture and climate of the company. Along with
this, it affects performance level of the employees as superiors are not able to guide their
subordinates for completing their work in the given time frame. There are several elements

which helps in improving supervisory encouragement in Matchbox Architects are described as
below:
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 Involvement of employees in decision making: Superior of Matchbox Architects should
involve employees of the company in decision making process as they are the only one
who actually performs work. This will reflect trust of employees on the employees as
well as also give opportunity to them so that they can express their ideas with the
company.
 Guidance: Employees of every company can perform well if they are guided in the right
direction. Superior of Matchbox Architects should direct its subordinates in appropriate
and right manner which will help them in performing work effectively. In addition to this,
superior can also conduct training session for employees at regular interval so that they
can develop their skill and also improve work efficiency of them. As a result, employees
w ill get encouraged as superior guides them at every step and they chance improve
themselves.
In context of MBA, there are some major issues faced by the workers i.e. supervisory
encouragement, freedom, lack of trust across the organization, avoidance of risk and desire to
maintain the status quo. All these are occur due to negative climate and culture as well. All these
issues are based on the survey which done by business organization to measure their overall
performance level. In this context, 3 people are said that avoidance of risk is major issue which
hinder creativity and innovation within the business organization activities. The main reason
behind this issue is negative culture of the company. In this, workers are not aware how to
handle risk within the company because manager are not encourage them to take participate in
decision making process. For resolving this issue, company needs to increase workers
involvement within business activities which contribute in enhancing their motivation towards
the working activities. This will help in influencing them to take risk and also tries to manage
entire activities in effective way to promote creativity and innovation. It directly contribute in
enhancing creativity within the business activities.
Along with this, 2 people are said that desire to maintain the status quo is also a major
issue in front of company in which all the operational activities are operate in same line as it
reduce the creativity within the operational activities. It is negative for MBA to attain success at
market place. Thus, it is important for manager of the company to finds creative and innovative
way within the operations so that they easily produce new and innovative services. This will help
in promoting creativity and at the same time also enhance the productivity level of the company
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at market place. Apart from this, 2 people are said that Lack of trust across the organization is
also inhibiting towards the creativity and innovation. The main reason behind this is negative
climate of the company. In this all the workers are fail in attaining better coordination with each
other. This will negatively impact on the overall performance of the company. For resolving this,
manager of MBA needs to conduct an formal meeting in which all the workers share their views
and opinion towards the working activities. With the assistance of this, manager can easily build
trust and maintain positive relation among all the employees. This will help in enhancing the
overall performance of the company at market place.
CONCLUSION
It has been concluded from the above mention report that innovation and creativity helps
in make process, goods and services more creative. Innovative drives and critical thinking help
company to attain the competitive benefits and retain at market place for long time period.
Climate and culture both affect on innovation and entrepreneurship. MBA business firm makes
its culture better so that every employees can work freely without any kind of issue. In
innovation, technology adopted and also learning experience life cycle contributed towards
creative thinking behind motivational forces. Under this, mention report studied about sustain
corporate innovation, entrepreneurship and creativity. Management of MBA business
organization develops a better plan as well as policies which help in increase motivation of staff
members in regards to develop innovative ideas. It helps in compete Matchbox Architect Ltd.
Business organization to compete with its strong competitors. An investigation is related with the
aims and objectives, modeling and function of innovation that had conducted by different point
of vies of authors in an effective manner. Critical thinking and innovation helps in bring more
affect on performance level of company in an effective way. Different kinds of theories has been
discussed in given report related to innovation. MBA business firm treat its staff members in
positive manner so that they can motivate and think innovative ideas. Regarding any changes at
workplace, manager inform all staff members about it and understand about meaning of the
change. It helps in enhance motivation of employees and they look towards making business
more innovative.
Critical thinking and innovation helps in make business successful. The top management
of MBA business firm develops plan and set time period on the basis of activities. The main role
of staff members is to work attaining the set aims and objectives with in given time period. The
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employees of MatchBox Architects company are very creative and they develop many
innovative ideas for develop unique products and services. Under mention report discussed about
the resolve many issues which affect negatively on innovation at workplace. Through overcome
from all issues, company can take better or corrective actions in maximize development and
growth of business in significant manner. Through this, company is able to get the competitive
advantage at the market place. With the help of conducted research, MBA company do
innovation and develop something new which is not exist before. The main focus of this
company is to provide attractive building to consumers but with the help of innovation, it can
provide some unique features or facilities in its building.
RECOMMENDATION
It has been recommended from above mention report that corporate innovation and
entrepreneur can make business successful. In context to innovation, MatchBox Architects
business organization can use better quality of tools and techniques. With the help of this firm
will able to compete with its strongest competitors at competitive market place. It is essential that
manager of MBA organization can encourage its staff members about innovation on continuous
basis. Company should make its culture creative so that staff members can adjust in an easy
manner and can not face any kind of issue. On the other hand, company can conduct research on
existing products at market place and make some innovation in them. Through taking help from
Research and Development department, firm can make innovation in existing products and
introduce new. Through this, it can increase its sales and attain high market share. An
entrepreneur should observe the market and find an easiest way to reach to consumers and satisfy
their needs in an effective way. It is necessary that manager should focus on making climate of
company more effective because through this innovation will be better. Firm should make
change in its working environment and include employees in process of decision making.
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REFERENCES
Books & Journals
Amore, M. D., Schneider, C. and Žaldokas, A., 2013. Credit supply and corporate
innovation. Journal of Financial Economics. 109(3).pp.835-855.
Chaston, I. and Scott, G.J., 2012. Entrepreneurship and open innovation in an emerging
economy. Management Decision. 50(7). pp.1161-1177.
Corbett, A. and et. al., 2013. Corporate entrepreneurship: State‐of‐the‐art research and a future
research agenda. Journal of Product Innovation Management. 30(5).pp.812-820.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Kuratko, D. F., Hornsby, J. S. and Covin, J. G., 2014. Diagnosing a firm's internal environment
for corporate entrepreneurship. Business Horizons. 57(1). pp.37-47.
Kuratko, D. F., Hornsby, J. S. and Hayton, J., 2015. Corporate entrepreneurship: the innovative
challenge for a new global economic reality. Small Business Economics. 45(2). pp.245-
253.
Onetti, A. and et. al., 2012. Internationalization, innovation and entrepreneurship: business
models for new technology-based firms. Journal of Management & Governance. 16(3).
pp.337-368.
Sahut, J. M. and Peris-Ortiz, M., 2014. Small business, innovation, and entrepreneurship. Small
Business Economics. 42(4). pp.663-668.
Schaper, M. ed., 2016. Making ecopreneurs: developing sustainable entrepreneurship. CRC
Press.
Spieth, P., Schneckenberg, D. and Ricart, J. E., 2014. Business model innovation–state of the art
and future challenges for the field. R&d Management. 44(3). pp.237-247.
Trimi, S. and Berbegal-Mirabent, J., 2012. Business model innovation in
entrepreneurship. International Entrepreneurship and Management Journal. 8(4).
pp.449-465.
Turró, A., Urbano, D. and Peris-Ortiz, M., 2014. Culture and innovation: The moderating effect
of cultural values on corporate entrepreneurship. Technological Forecasting and Social
Change. 88. pp.360-369.
Amabile, T. M., 1996. Creativity in context: Update to the social psychology of creativity.
Hachette UK.
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