Aligning Corporate Entrepreneurship with Creative Entrepreneurship   by Mark Peurifoy

There are many different contexts in which entrepreneurship exists. Corporate Entrepreneurship and Creative Entrepreneurship may seem to be at odds however, there is a place for both to co-exist. Corporate Entrepreneurship allows individuals or entire departments to act as their own strategic business units generating additional revenue streams for their company through new product innovations and/or services.

An example of Corporate Entrepreneurship is Google. The company who initially was most known for it’s search engine looked to expand its market reach into other revenue generating areas of technology. Google encourages entrepreneurial teams to generate ideas, build a business model for those ideas, submit the idea for commercialization to the company’s senior management. This process of corporate entrepreneurship brought many innovations we use widely today such as Google Maps, Google Earth, Android Operation system, etc…

Creative entrepreneurship taps into the creative capital of individuals or groups and leverages their talent to increase revenue. Like other forms of entrepreneurship, Creative Entrepreneurship acquires relevant resources, prioritizes them, assesses risk, creates plans of action, executes and refines the plan for desired outcomes. These two modes of entrepreneurship can be effectively applied by having corporate in house design studios generate their own business by designing products and services in one or several product categories beyond the scope of the company’s core business. An example of such corporate/creative entrepreneurship exists in companies like BMW where their California based BMW Designworks not only designs BMW cars, but many different products ranging from yachts, to consumer electronics, to retail environments. In effect the design studio operates as its own business unit offering its services to many different manufacturers.

This is an excellent strategy to change a company’s in-house design studio from a cost center into a profit center generating additional revenue, offsetting the studios overhead, and elevating the equity and mindshare of the parent company’s brand. In addition, it also benefits the company by applying innovations from other product categories to their core product offering more value added features and differentiation.

About the Author

Mark Peurifoy is a practicing industrial designer and a graduate student of Entrepreneurship and Innovation at Western Carolina University. Webmasters and other article publishers are hereby granted article reproduction permission as long as this article in its entirety, author’s information, and any links remain intact. Copyright 2010 by Mark Peurifoy.

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