I suppose its a bit of a luxury, but I spent last week on board a cruise liner talking with various audiences about corporate entrepreneurship. I met some great people and saw one of the funniest comedians I have seen in many years.
So what is happening in the world of corporate and public sector entrepreneurship? During the 1980’s and 1990’s businesses such as 3M, Xerox and many others were accoladed for their ability to reap the benefits of ‘thinking small’. As two iconic case studies 3M and Xerox developed markedly different approaches to corporate entrepreneurship. 3M sought to promote entrepreneurship and innovation as an internal process, and those who championed entrepreneurial endevour remained as employees. Xerox, on the other hand, favoured the spin-out method, whereby those who championed entrepreneurial endevour, were offered the opportunity to spin the business out of the host organisation and establish an ‘independent’ venture, within thich they would have a shareholding. For many the Xerox approach is more akin to genuine entrepreneurship, but in terms of sustainability, 3M model contiinues to this day. The year 2007, sees the re-emergence of corporate entrepreneurship (and innovation) as a potential solution, but it is critical that those who choose to follow this path learn the lessons of history.

Having worked in the field for many years now I am aware that there are numerous ways to create structures to enable entrepreneurship to occur, but on many occasions these flounder because of the ‘corporate mindset’. Employees look at the world differently, and larger organisations support them to do so, because it has worked so far. And yet, to live the life of an entrepreneur requires a mindset that is markedly different to that of an employee. In order to make it work, we need to change mind sets as well as put effective structures in place.

• What are your experiences of corporate entrepreneurship?
• Have you tried it?
• Which path did you follow?
• Did it work?

If you want to understand what type of entrepreneur you might be go to www.21stcenturyentrepreneurs.co.uk and see what type of entrepreneur you could be and learn more about your strengths and the predictable mistakes you are liable to make but can avoid.