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Corporate Entrepreneurship

In: Business and Management

Submitted By alb254
Words 330
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Corporate Entrepreneurship
In today’s business environment large companies are seeking to stay ahead of competition and to facilitate innovation. As such, corporate entrepreneurship or intrapreneurship has largely grown and companies are quickly learning to adopt the trend. Companies are integrating intrapreneurship programs and creating startup cultures because these ventures act as recruiting and branding tools thereby, facilitating new ideas and products. More so, corporate entrepreneurship caters for employees or rather individuals who are entrepreneurial but do not have access to sufficient resources.
Prior to hiring Nancy as the new product manager at Genzyme, the company had more experience in diagnostics than most biotech companies at the time. However, the company had high expectation of its new product manager. Despite their interests, the company was not planning on providing dedicated R&D resources to the diagnostic segment. Using the established clinical links, Genzyme provided unrelated testing services through their own clinical laboratories.
Corporate entrepreneurship uptake by big companies is not entirely destined to succeed without challenges. In fact, big corporations are faced with internal pressure to ever operate efficiently and deliver billion-dollar growth businesses every year. The pressure imposed requires the organization to attain multiple efficiencies and satisfy existing customers without threatening the existent net income levels. The disadvantage lies in the organizational pursuit for increase in profits as opposed to disruptive innovation. Usually attributed to the challenge of creating new revenues will enhancing earnings.
Being the product manager and ensuring success of the new diagnostic venture interests, Nancy should push for quick FDA approval. It is clear that without FDA approval, the new diagnostic could only be sold as...

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