More so than ever before, the rising generation has desire for entrepreneurship as a career path.

Intrapreneurship embraces this trend in a way that encourages speaking up and presenting new ideas within the family business.

It offers the opportunity for both generations to co-create an exciting future for the business, opening up new possibilities.

Even better, the intrapreneurial spark can spread beyond family members to other employees in the business, as we have seen in our case story with Ross.

It creates an opportunity for the rising generation to become credible and compelling leaders, by providing them with opportunities to develop their technical knowledge, while strengthening their emotional engagement with the core business.

Ultimately, the rising generation gains experience in launching innovative, best-of-breed ventures, preparing them to be strong, effective and resourceful leaders in the future.

This also makes intrapreneurship an effective strategy for succession planning. Next gens with the entrepreneurial spirit may be more interested in starting something new, than succeeding in their family business. An intrapreneurial venture is an opportunity for the senior gen to keep their successor involved, while at the same time, bringing innovation and renewal into their business.

At its heart, intrapreneurship – and even succession planning itself – is about change, or what some may even call revolution!

This change is essential to generate inspiring and innovative ideas and ultimately ensure your firm’s ongoing competitiveness and sustainability.