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In Greek mythology, Prometheus, a wise Titan whose name means "foresight," defied Zeus by gifting fire to humans, an act that revolutionised our civilization. Fire became a symbol of progress, providing the tools for growth and the spark for <keyword id="94495" type="General" weightage="20" keywordseo="innovation" source="Orion">innovation</keyword>. This ancient tale mirrors the modern concept of <keyword id="3946833" type="General" weightage="100" keywordseo="intrapreneurship" source="Orion">intrapreneurship</keyword>—the process of fostering innovation within established companies. Intrapreneurship encourages an entrepreneurial mindset by providing staff with resources, mentorship, and collaboration opportunities, enhancing innovation in ideas, products, and processes. While startups are often seen as the hub of groundbreaking ideas, some of the most transformative innovations come from within the walls of larger organisations. These corporations, however, often face bureaucratic hurdles that slow progress. Intrapreneurship breaks down these barriers by giving employees the freedom and resources to experiment. Under strong leadership, companies can foster a culture of trust, empowering teams to solve problems creatively and drive growth. <h2>Nurturing the intrapreneurial spirit</h2>One of the key components of successful intrapreneurship is providing employees with a sense of ownership and autonomy. This approach taps into the vast potential within the workforce, unlocking creativity that might otherwise remain dormant in a traditional corporate structure. It encourages risk-taking and creative problem-solving, boosting innovation and enhancing employee engagement and satisfaction. Take 3M for example, Spencer Silver’s discovery of a unique adhesive led to the creation of the iconic Post-it note, despite initial skepticism.Yet, the company’s intrapreneurial environment allowed for exploration, leading to the development of a product that revolutionised communication. Similarly, Lockheed Martin’s ‘Skunk Works’ is a division that operates with the agility of a startup within the larger organisation. Skunk Works’ autonomy has resulted in numerous aerospace innovations, including stealth technology and fighter jets. These examples underscore the transformative potential of intrapreneurial freedom, where exploration leads to groundbreaking products and industry-shifting advancements. By giving employees space to explore ideas beyond their day-to-day tasks, organisations tap into a wealth of innovation, allowing intrapreneurs to flourish. <h2>The essence of intrapreneurship</h2>Innovation requires trial and error, and not every idea will succeed. The best environments for intrapreneurship are those that embrace failure as part of the learning process. Companies like Intel and Tesla have thrived by viewing setbacks as growth opportunities. In the 1980s, Intel faced a major crossroads when internal innovators identified a larger market opportunity and advocated for a shift from memory chips to microprocessors. They embraced potential failure with this pivot, which though risky, propelled Intel to become a leader in the tech industry. Tesla, known for its continuous drive for innovation, encourages its teams to experiment and push boundaries. Elon Musk’s willingness to accept failures along the path to innovation has led to significant breakthroughs, like the development of electric vehicles and space exploration technology. <h2>Collaboration: The key to creative synergy</h2>Intrapreneurs don’t work in isolation. True innovation happens when employees collaborate across departments, combining different skills and perspectives to tackle complex challenges IBM’s Watson, a cognitive computing system, is a prime example of what can happen when cross-functional teams come together. Engineers, data scientists, and non-technical staff worked collaboratively to create a groundbreaking technology that has since been used in fields ranging from healthcare to finance. Facebook’s famous "hackathons" foster cross-departmental innovation. These 24-hour events allow employees to work on passion projects outside of their usual responsibilities, resulting in successful product features like the "Like" button. The melding of expertise has led to breakthroughs that might not have been possible within traditional silos. <h2>Intrapreneurship: Driving growth from within</h2>Innovation is more than generating ideas—it’s about bringing those ideas to life. Intrapreneurship provides a framework for turning creative concepts into reality. Just as Prometheus defied convention to give humanity the gift of fire, intrapreneurs challenge the status quo to drive progress within their organisations. By fostering a culture of risk-taking, collaboration, and continuous learning, companies can ignite the innovation that fuels long-term growth. Continuous support in the form of funding, mentorship, and resources is crucial for intrapreneurship to thrive. In today's <keyword id="6355515" type="General" weightage="20" keywordseo="business" source="Orion">business</keyword> landscape, nurturing the intrapreneurial spirit is essential for companies striving to remain competitive and relevant. Encouraging collaboration across departments and providing autonomy to explore new ideas can lead to breakthroughs that fuel an organisation's success. As Prometheus’s fire illuminated the path to human progress, so too can the spark of intrapreneurship light the way toward a brighter future for businesses. Disclaimer: This article is authored by Manoj Nair,AVP &amp; Global Head of Marketing, Corporate Strategy &amp; Risk, Infosys BPM. The opinions expressed are those of the author and do not necessarily reflect the views of Business Insider India. This article is published by the Insider Studios team. You can get in touch with them on <a href="mailto:insiderstudios@businessinsider.in">insiderstudios@businessinsider.in</a>.

Ignite the fire of innovation: The intrapreneurship advantage

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Accenture"It's like being an entrepreneur, minus the risk." An Accenture innovation hub in Detroit is pictured.</div></div></div><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/home-depot">Home Depot</a>, IKEA, and Accenture are examples of major companies with innovation labs.</li><li>The labs are designed to attract the brightest minds in technology, giving them a place to channel their entrepreneurial spirit with the security of working for an established organization.</li><li>Companies benefit too, because they're less likely to lose their top talent to the startup world.</li><li>Alphabet, Google's parent company, has a famous innovation lab called X. </li></ul> "It's like being an entrepreneur," said Tomas Chamorro-Premuzic, "minus the risk."Chamorro-Premuzic, a psychology professor at Columbia University and the chief talent scientist at <a href="https://www.manpower.com/wps/portal/ManpowerUSA/home">Manpower</a>, was referring to "intrapreneurship." It's a general term for acting like a company founder, but within the confines of an established organization - typically in what's called a corporate innovation lab. Think X, <a href="https://www.businessinsider.com/chronicle-google-alphabet-x-cybersecurity-project-2018-1">Alphabet's research and development team</a> that's also been called a "moonshot factory."Across industries, intrapreneurial opportunities have grown relatively common. And while few are as glamorous as traditional <a href="https://www.businessinsider.com/starting-business-entrepreneurship-hard-7">entrepreneurship can seem</a> - you are, after all, working for The Man - there can be practical benefits for both individuals and organizations.Specifically, Chamorro-Premuzic mentioned money. As a startup founder, you never know "if you're going to be bankrupt in one or two years," he said, adding, "The likely outcomes for founders or entrepreneurs are very bleak." Working under the umbrella of a major corporation provides financial and job security, since you aren't constantly hunting for funding.The business case for intrapreneurship, according to Chamorro-Premuzic, is simply that companies aren't losing their most driven and most talented people to the startup world. Instead, companies dangle the prospect of relative freedom and creativity and hope that aspiring entrepreneurs will snatch it up.To be sure, intrapreneurship has its detractors. In 2017, Anderee Berngian listed <a href="https://venturebeat.com/2017/03/22/its-time-to-ditch-your-innovation-lab/">on VentureBeat</a> all the companies that have closed their innovation labs in the last few years, including Nordstrom, Microsoft, and Coca-Cola. One potential reason Berngian floats: "Google has millions to spare" on failed projects. "Most companies don't."Business Insider took a look at three corporate innovation labs, the kinds of challenges they're tackling, and the creatives they're hoping to attract.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Space10IKEA's innovation lab, Space10.</div></div></div><h2>IKEA's 'global future living lab' aims to head off impending disasters like food insecurity</h2>One of the corporate innovation labs that's received the most media attention is <a href="https://space10.io/">IKEA's Space10</a>. A "global future living lab" launched in Copenhagen in 2015, its creations include <a href="https://www.businessinsider.com/ikeas-space10-designed-a-vertical-farm-for-the-home-2017-9">hydroponic farms</a> and <a href="https://itunes.apple.com/us/app/ikea-place/id1279244498?mt=8">IKEA Place</a>, an augmented-reality app that lets you see how furniture would look in your home."IKEA's overall mission is to create a better everyday life," said Simon Caspersen, cofounder of Space10. "We are basically set up to see how they can live up to that mission in new ways, that their current business is not delivering on." That means tackling current and coming challenges such as food insecurity and loneliness in cities, Caspersen said.Only 25 people have full-time jobs at Space10. The lab then hires project specialists for temporary stints, or "residencies," as it calls them. Space10 also collaborates with different startups whose interests align with theirs.Caspersen made the case for working at Space10 this way: "You are put together with some other incredible people that don't necessarily share your background or expertise," adding that "otherwise people often work in silos." An engineer might be working alongside a farmer, for example.Plus, there's the exposure that a fledgling startup wouldn't ordinarily receive. "We do a lot to really highlight and promote the people that are part of the journey," Caspersen said.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Home DepotAn associate learns to use the virtual pallet stacker at OrangeWorks.</div></div></div><h2>Home Depot's innovation lab is tapping into college students' technological prowess</h2>OrangeWorks is Home Depot's <a href="https://corporate.homedepot.com/newsroom/turning-campus-orange-home-depot-partners-georgia-tech">innovation lab</a>, located on the campus of Georgia Tech University in Atlanta. The goal is to evaluate emerging technologies that could change either the customer experience or corporate operations (the lab isn't looking into products that would wind up on shelves).The lab was launched in 2015, and since then it's produced things like a virtual pallet stacker, which moves heavy items around the warehouse. Anthony Gregorio, a senior manager at the Innovation Center, described the technology that led to the pallet stacker as a "3D Tetris for shipping containers that allows us to be as efficient as we possibly can."Like Space10, OrangeWorks has a small core team: Just eight people, with varying technical skill sets, work there full time. About 60 Georgia Tech students also pitch in at OrangeWorks. Recently, Gregorio said, the team has been working on ways to use computer vision for inventory tracking and customer-service opportunities.As for why someone would want to join OrangeWorks instead of starting something on their own, Gregorio said it's all about the "size, scale, and resources that an enterprise like our own can provide."He used data as a prime example: "If somebody's trying to do something in the data analytics space, readily available data that'll help them build out their model isn't always something that's possible. … Something our size, we're able to provide that."<h2><div class="KonaFilter image-container display-table"><div><div class="image on-image">AccentureAccenture's Detroit innovation hub.</div></div></div></h2><h2>Accenture's innovation hubs are helping their biggest clients avoid 'disruption' by getting creative</h2>At Accenture, employees know that their clients - which include many Fortune 500 companies - are at constant risk of getting "disrupted" by new technology. That's a major reason why Accenture is working on launching at least 10 <a href="https://www.accenture.com/us-en/innovation-architecture-accenture-innovation-centers">innovation hubs</a> in the US by 2020, putting some of the most creative minds in digital technology to work serving their clientele."One of the things our clients suffer from a little bit is they're part of large corporations with a lot of cultural inertia," said Bob Markham, managing director at Accenture Digital. "They don't always get exposed to a lot of diversity of thought."Markham heads up the Chicago innovation hub, which was the first to launch, in 2016. It now has 600 full-time employees and is collaborating with four startups. But Markham said that it can be hard to attract top tech talent in the midwest.What's more, Markham said, "our large enterprises sometimes have a mentality that they have to do it themselves." However, "oftentimes there are startups that have been thinking about the same problem."By collaborating with that startup, the organization can have a minimum viable product in four to eight weeks, as opposed to a year, and spend "hundreds of thousands of dollars less than if they were to try to do it on their own," Markham said.One example is the Washington, DC innovation hub's <a href="http://news.marriott.com/2017/07/accenture-interactive-marriott-international-1776-launch-travel-experience-incubator/">work with Marriott</a>, whose business has been disrupted by online booking agencies like Kayak and Expedia. Accenture invested in a venturing arm that could help Marriott find startups that were thinking bout "travel experiences," such as a digital concierge.In return, some startups receive mentoring, and all learn how to scale their product or service in a corporate environment.<h2>Intrapreneurship isn't for everyone</h2>While a job at a corporate innovation lab might seem thrilling, Chamorro-Premuzic sounded a note of caution."Not everybody is well-suited for this. It's really a minority of people who will thrive and enjoy and be good at this kind of job," he said. "But I think there's still an opportunity because many young people who decide to launch their own businesses could be employed by these largest corporations and basically do the same thing." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/google-apple-amazon-living-room-war-battle-smart-home-speaker-homepod-echo-alexa-2018-3">Google, Apple, and Amazon are in a war that no one will win</a></h3> <div> </div> </div>

Companies like IKEA and Accenture are following in Google's footsteps to stay ahead of the curve

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Simone AhujaSimone Ahuja is the founder of advisory firm Blood Orange.</div></div></div><ul class="summary-list"><li>Legacy companies challenged by new startups are rushing to create cultures of innovation internally in the hopes it will spur the next great product offering. Many of those efforts, however, fail to produce results. </li><li>To tackle the challenge, organizations are turning to intrapreneurs, a relatively new role within companies that is responsible for helping to lead and build excitement around innovation projects. </li><li>Organizations should start on their innovation journey by analyzing where they are currently and the ideal "future state," according to Simone Ahuja, found of advisory firm Blood Orange, which has advised companies like UnitedHealth Group on its own intrapreneurial efforts. </li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime content</a>.</li></ul>When Procter &amp; Gamble wanted try to disrupt the household insecticide market, it relied on a smaller, more nimble team to develop <a href="https://www.wsj.com/articles/p-g-in-search-of-new-markets-is-going-after-bugs-11562578207">Zevo</a>, a kid-and-pet-friendly product that was initially purchased as a startup by the company in 2017. It's a testament to the ability of the Cincinatti-based consumer goods maker to find new ways to spur research and development across its <a href="http://www.annualreports.com/HostedData/AnnualReports/PDF/NYSE_PG_2018.pdf">92,000 employees</a>. Zevo, for example, began selling in Target earlier this year. It's also an inceasingly common strategy. Legacy companies <a href="https://www.businessinsider.com/technology-transforming-future-of-healthcare-intro-2019-4">challenged by a surge</a> of nimble startups <a href="https://www.businessinsider.com/inside-mm-parent-company-mars-incorporateds-two-accelerator-programs-2019-9">are rushing to try to create cultures of innovation</a> internally in the hopes it will spur new competitive offerings. But among companies that have invested in so-called "innovation units," only 23% say it has yieled a successful product, according to a <a href="https://www.ieseinsight.com/fichaMaterial.aspx?pk=149398&amp;idi=2&amp;origen=1&amp;ar=16&amp;buscador=1&amp;general=agility">recent study</a>. That's a whopping 77% fail rate.Hence the need for the "intrapreneur"- a word <a href="https://www.visualthesaurus.com/cm/candlepwr/a-very-enterprising-suffix/">coined in 1978</a> but freshly relevant in large companies as they recast themselves as tech firms. The intrapraneur is the visionary, cheerleader, and cross-functional coach who advocates for, and pushes along, innovation efforts. But, as CTOs have<a href="https://www.businessinsider.com/aaron-gani-humana-cto-turned-behavr-founder-on-corporate-innovation-2019-9"> told us</a>, the very environment of an organization can stymy the innovation that's being sought. For many companies, the biggest challenge is figuring out how to begin, according to Simone Ahuja, founder of advisory firm Blood Orange and author of <a href="https://www.amazon.com/Disrupt-Yourself-Better-Business-Before-Competition-ebook/dp/B07BB5FS2S">intrapreneurship guidebook</a> "Disrupt-It-Yourself.""When I talk to leaders about innovation generally, they are kind of overwhelmed," she told Business Insider. "They don't know what to do, they don't know where to start."Ahuja, who advised companies like UnitedHealth Group and Stanley Black &amp; Decker on internal innovation efforts, outlined the four-step checklist organizations should consider when aiming to formalize their own programs. <h2>Be clear on the innovation strategy</h2>A company's innovation strategy should be an overarching set of principles that are used to guide efforts across the organization.The first step for executives, according to Ahuja, is figuring out where the company is currently and the ideal "future state." That can include a move from an environment where leaders don't micromanage to one where they say "yes" more often to riskier projects. Formalizing that process, however, requires buy-in from the top, according to Ahuja. That's why the conversation will typically start with a group of high-level executives. But that doesn't mean completely ignoring the rest of the company. "The mandate starts with senior leadership, but immediately we go across the organization to find out how to define this vision for the future," said Ahuja.Read More: <a href="https://www.businessinsider.com/ibms-watson-head-outlines-model-for-successful-digital-overhaul-2019-10">The head of IBM's Watson walks us through the exact model tech leaders can use to build excitement around any AI project</a>All overarching goals should also include smaller, more specific action-items to make execution easier so individuals don't feel overwhelmed. "This is where everybody seems to get stuck. Give them some very, very tangible things that they can dive into. Or better yet, ask them to create it," she added. Say a company wants to make it less risky for employees to pursue projects outside the scope of their daily jobs. One immediate action item could be finding several examples of other organizations that have such a culture and figuring out what makes it succeed.<h2>Launch an 'intrapreneur protection program'</h2>One of the most difficult tasks for companies is figuring out how to incorporate intraprenuers into the organizational structure.Legacy firms are typically built on rigid structures to give employees a clear path towards advancements. But if organizations are trying to create a more innovation-driven culture, workers could be spending more time outside of their regular job tasks on initiatives that may or may not succeed. Organizations must assure employees that, if a project does fail, they won't lose their job. "Senior leaders can ask for it but then the question becomes, 'Why should I take this risk? I'm not being measured for this,'" said Ahuja. "It's almost like you need an intrapreneur protection program."One way to do that is to tout examples of projects that didn't go to market - or went to market and failed - but provided valuable information for future efforts. Another is ensuring that those employees who drift from their daily job tasks are able to re-enter the more formal organizational structure when their projects wrap up. That becomes easier as companies promote more of those individuals to senior management roles. The most successful intrapreneurs "are the ones that had the air cover from leaders who are also kind of intrapreneurial," Ahuja said.<h2>Create the right intrapreneurial team</h2>Another key question that executives must answer is whether to hire externally to help lead innovation-heavy projects or to appoint someone internally.For so-called "core innovation" efforts, or those that don't carry a large amount of risk, Ahuja says internal teams are fine. For initiatives that go beyond the scope of incremental improvements, like the creation of an internal startup accelerator, it's more necessary to bring in outside experts."This is one of the most challenging and artful pieces of innovation because a lot of it is just testing and trying it out," said Ahuja.But external hires - even those with a strong track record of success or were past leaders at companies viewed as leading the innovation charge, <a href="https://www.inc.com/michael-schneider/how-google-built-a-culture-that-inspires-new-ideas-every-day.html">like Google</a> - still need to be paired with those who intrinsically know the ins-and-outs of the organization.<h2>Craft clear metrics for success</h2>Companies should partner clear financial goals with "softer targets," like how many new ideas were generated or whether you figured out if customers are willing to pay for products outside the traditional offerings, advises Ahuja."You've got to have some metrics that start to build a culture and the capabilities of intrapreneurship, but eventually you also have to draw a line in the sand and get clear about how long you are willing to experiment on this," she said.And evaluations should be done on a continual basis - as often as once a week - to figure out whether the project needs to be pivoted or shelved. Along those lines, Ahuja says intrapreneurs should be empowered and rewarded to end initiatives that are failing to produce results.While individual innovation efforts will vary wildly by company, these four steps can serve as the foundation as organizations craft their own modernization journey. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/behind-scenes-fox-news-star-shepard-smith-donald-trump-politics-2017-12">Behind the scenes with Shepard Smith - the Fox News star who just announced his resignation from the network</a></h3> <div> </div> </div>

77% of internal innovation efforts fail. Here's a 4-step checklist for ensuring that doesn't happen to your company.

<keyword id="2604989" type="PERSON" weightage="20" keywordseo="Stanford-Ignite">Stanford Ignite</keyword> is a ten-week certificate program to promote entrepreneurship and intrapreneurship in India. This program in its fifth year, is held at the <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> campus, Bangalore and has delivered immersive instruction to nearly 200 innovators so far. It is for technical professionals, innovators, and entrepreneurs with no previous graduate management education. 
 
<a href="http://www.businessinsider.in/Stanford-University-Has-A-Program-Built-To-Help-Indian-Startups/articleshow/54522498.cms">ALSO READ:&#xa0;Stanford University Has A Program Built To Help Indian Startups</a> 
 
There have been a lot of success stories from this program but some of them have been noteworthy-

These Are The Three Startups That Benefited From Stanford Ignite Program 

If you’re a budding entrepreneur and you are struggling to get the right guidance that can help you build a sustainable and functional business, nothing comes in more handy than the right ‘training’ program from a University that boasts leaders like <keyword id="566177" type="PERSON" weightage="20" keywordseo="Reed-Hastings">Reed Hastings</keyword> (Co-Founder <keyword id="128682" type="COMPANY" weightage="20" keywordseo="Netflix">Netflix</keyword>), <keyword id="3009842" type="UNKNOWN" weightage="20" keywordseo="Peter-Theil">Peter Theil</keyword> (Co-Founder Pay Pal), <keyword id="100155" type="PERSON" weightage="20" keywordseo="Larry-Page">Larry Page</keyword> (Co-Founder, <keyword id="6355629" type="CITY" weightage="20" keywordseo="Google">Google</keyword>) and <keyword id="3689837" type="UNKNOWN" weightage="20" keywordseo="serge-brin">Serge Brin</keyword> (Co-Founder, Google and CEO Alphabet). 
 <keyword id="101399" type="ORGANIZATION" weightage="100" keywordseo="Stanford-University">Stanford University</keyword>’s Business school, the <keyword id="3689836" type="UNKNOWN" weightage="20" keywordseo="stanford-global-school-of-business">Stanford Global School of Business</keyword> has a 10-week certificate program that promotes entrepreneurship and intrapreneurship in India. Well, for entrepreneurs, Christmas did come early! 
 So, if you’re wondering that it entails a long flight to <keyword id="2379" type="CITY" weightage="20" keywordseo="California">California</keyword>, absolutely not! This program is held at the <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> campus in Bangalore. 
The program has already provided immersive guidance to nearly 200 innovators so far and is aimed at technical professionals, innovators, and entrepreneurs with no previous graduate management education and who wish to learn and implement their learning in a short span of time. The program accepts only up to 60 individuals for a particular season. The next program will run from January – March 2017 and its applications are out now! 
 
Let’s explore the features of the program-

Stanford University Has A Program Built To Help Indian Startups

Looks like <keyword id="44373" type="CITY" weightage="100" keywordseo="Aditya-Birla-Group">Aditya Birla group</keyword> is all set to tap the entrepreneurial ideas of its employees, which is why it has planned to roll out an intrapreneurship programme soon, which is called Innolabs. Under the programme, the company will allow its staff to take time off from work to pursue their entrepreneurial ambitions. 
 
In August last year, the group had also started Aditya Birla Bizlabs, which was its programme to collaborate with start-ups in the retail, financial services and telecom businesses. The group has a dominant presence in these sectors. Out of the 1,200 start-ups that applied for the programme, 20 were selected to "scale up". 
 "When we were doing all of this (Bizlabs) for startups outside, our employees joining us from IITs and IIMs started asking: what is there in it for us? So, we have started working on something for our employees called <keyword id="3249352" type="UNKNOWN" weightage="100" keywordseo="aditya-birla-innolabs">Aditya Birla Innolabs</keyword>," Umesh Adhikary, president, corporate strategy and business development, Aditya Birla Group told ET. 
 
"If your idea is great and we see conviction and passion in you, we are going to help you create a company of your own. At the same time, we are going to give you a six-month or one-year sabbatical where you are going to go, develop the product, create your own team... and in case you fail, you can come and join back," added Adhikary. 
 
"We are forging partnerships with Nasscom 10,000 startups, Microsoft Ventures, Techstars, 500 startups," said Adhikary, who added that the group would prefer to work with slightly older startups which are looking at geographic expansion. 
 
Similarly, RIL has set up GenNext Innovation Hub, which is a start-up accelerator programme running in partnership with Microsoft Ventures. 
 
"It's a healthy development," says Sharad Sharma, cofounder of iSPIRT, commenting on Birla's move. "It's a playbook that Indian conglomerates have companies from tech companies globally and it's a proven one," he adds. 
 
<a href="http://economictimes.indiatimes.com/photo/48558671.cms">Image source</a>

Aditya Birla Group would soon allow employees to take time off for pursuing their entrepreneurial ideas

Working at <keyword id="6391475" type="CITY" weightage="20" keywordseo="Coca-Cola">Coca-Cola</keyword> is a dream for every B-school student, and this dream turned true for <keyword id="3533026" type="UNKNOWN" weightage="20" keywordseo="anish-barjatya">Anish Barjatya</keyword> – a second year PGPM student specializing in Marketing at MDI, one of the best B-schools in the country. 
 
Sailing through a tough selection criterion, he became one of the 21 students from India’s top 8 B-Schools to bag an internship offer with one of the biggest and the most recognizable brands in the world. In short, he had nailed it! 
 
Here’s Anish recounting what he calls “The Best Time Of His Life” - "Most students my age have grown up sipping on a Coke, Thumbs Up, Sprite, Fanta, Limca or Maaza and simply loved savoring these enticing drinks that have been household names in India for decades. Coke’s TVCs “Thanda Matlab Coca-Cola”, “Open Happiness”, “Taste The Feeling” have struck a chord with millions, and every person in this country has been touched by this Beverages Major in some way or the other. I was soon going to be on the other side to see how they make it happen." 
 
-So, here’s a little about how my first week went by 
We entered the Coke Office, was greeted with some spectacular goodies from where we walked towards a lounge - especially for interns. There were personalized wall pictures of every intern and welcome messages hanging for us throughout the office. Wow, could the start be more welcoming? 
 
It was induction time for us that went on for over a full week. We were made to visit bottling plants, attend ‘Support My School’ – a CSR Initiative and carry out several market visits. But what helped us more was the numerous sessions we had with some of Coke’s Senior Managers, Vice Presidents and the CEO himself - Venkatesh Kini during our journey. All this was intercepted by lot of fun activities, banter and informal interaction with the employees at Coke. Every conversation added to our learning experience here. 
 
-The Work Culture simply made it a great journey 
It was absolutely great to see how Coke sees no difference between an intern and an employee, and that for me was the biggest differentiator with other companies. Everyone here wanted us to get the most out of the ‘MANTRA internship program’ that we were a part of. No wonder then, this company probably has the best mix of culture, people and opportunities in the FMCG industry. We learnt a rather surprising fact - Coca-Cola in India has only about 200 employees owing to the unique franchise-led bottling model. This model lets every employee in the company be a leader in his/her own right and take responsibility from the time they start out as a Coke employee. Therefore, you grow quickly and evolve both personally and professionally. 
 
-Opportunities Galore 
All interns at Coke are given live projects; of course they are highly critical to the company’s business and of high value. For me, working in an FMCG company this size, in a Marketing/Operations project, gave me a 360 degree perspective of how consumer companies and businesses operate. Let me explain you how –: 
 
My market visits with none other than the Vice-President of Franchise Operations - Mr. <keyword id="3533024" type="UNKNOWN" weightage="20" keywordseo="bhupendra-suri">Bhupendra Suri</keyword> was a great experience, and interacting with him made me understand that one must continuously learn in corporate no matter at whichever stage in your career you may be. Learning is always in the Market. 
 
When I pitched my project ideas to the Bottling Franchise CEO in my project location market to get approvals for doing a pilot study, it was great exposure and I found it really exciting to show the benefits of my project ideas to the franchise on Coke's behalf. Such freedom and ownership is just spectacular! 
 
When I could work with a Marketing agency to create my own sets of Point of Sale Merchandize to execute in the market and check consumer behavior aspects for my project - Seeing your ideas come to life is again truly spectacular feeling! 
 
Cross - Functional Projects: Working on the project, you have to interact with multiple stakeholders within Coca-Cola and outside. My project allowed me to interact with managers of various other functions in Coke, and outside 3rd parties for planning and execution. This results in immense learning in all areas of business. 
 
Leadership Opportunities: For the execution of my pilot project, I coordinated with no less than 50 front line sales people to coordinate the marketing execution of my project. I could also take the initiative and get approvals to hire and train upto 20 surveyors for my Consumer Behaviour Study. 
 
Choice of Food, Conveyance, and Hotels: Coke leaves no stone unturned to ensure than interns get the best of everything while doing their projects. I could live in some of the best hotels, eat at some of the finest restaurants and take conveyance of flights, taxis etc as I deemed fit. No questions asked! Just get your reimbursements on time. 
 
When I was guided by my mentor Mr. <keyword id="3533025" type="UNKNOWN" weightage="20" keywordseo="ravinder-bhatia">Ravinder Bhatia</keyword>, Director, it was an honor to learn from him. He always had time for me and my project, and was keen to discuss all possible ideas and weigh the pros and cons. He also pushed me to my limits and I started thinking bigger and breaking down all the perceived challenges to make it easy for myself. I will forever look upto him. 
 
At my age, to be given the amount of freedom, ownership and authority on the project I was a part of was simply too good to be true! Moreover, imagine the amount of time, money the company invested in me and the effort my guides and other stakeholders involved in the project put to show me the right way of going about things – it’s something which is extremely hard, let’s say almost impossible, to get during a 2-month MBA internship in any Indian company. Also, where else do you see project presentations by interns handling top projects getting evaluated by the CEO of the company and the Leadership Council. Yes, it happens here! 
 
- I have saved the best for the last – THE FUN PART Coke is full of colour and zest. Friday Funda is one of the ways it pampers its employees. Every Friday, employees get free Coke products to take home and enjoy with their friends and family. Thanks to the awesome HR Team, I also had the chance to get Free VIP IPL Tickets, Meet Star Cricketers of Gujarat Lions and Kings XI Punjab, meet Celebrities, Attend Coke Studio, take part in Social Media Contests and relish Coke products while in office, as much as I wanted. This is not the end. In the last week, all the interns gathered together in the office from their respective project locations. It was PARTY TIME. All interns got their Personal Audio Visual shoots done by none other than <keyword id="131262" type="PERSON" weightage="20" keywordseo="Leo-Burnett">Leo Burnett</keyword>! 
 
If I had it sum it all up, I’d say for me, Coke is the best company to intern with, a company with high degree of intrapreneurship and professionalism combined with lots of fun and energy. These two months were simply the best two months of my life.

An MDI student who interned with Coca-Cola tells why those two months were 'The Most Precious' and 'The Best Time of His Life'

Charles Platiau/ReutersMcKinsey and Company often appears at the top of the list of the "Big Three" consulting firms.<ul class="summary-list"><li>Partner salaries at global management consulting firm McKinsey and Company average around $800,000 and can go up to $3 million a year.</li><li>For the best advice on how to break into this role, Business Insider spoke with four experts who recruit and have worked for McKinsey in the past.</li><li>They suggested doing great work and building strong client relationships, thinking one step ahead as to how you can build skills for your next promotion, and networking internally and finding mentors.</li><li>They also recommended bracing yourself for the massive time commitment being a partner entails.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories.</a></li></ul>In terms of total pay, partner salaries at global management consulting firm <a href="https://www.mckinsey.com">McKinsey and Company</a> average <a href="https://www.glassdoor.com/Salary/McKinsey-and-Company-Partner-Salaries-E2893_D_KO21,28.htm">$806,000</a>, according to job search and review site Glassdoor. While the typical base pay is just under $500,000, a McKinsey partner can expect to make hundreds of thousands more when factoring in bonuses of cash and stock, as well as profit sharing. Keep in mind, too, that these are just averages - on the high end of the spectrum, Glassdoor reveals some partners at McKinsey can rake in over a million in base pay, plus over two million in bonuses.In addition to the phenomenal financial opportunity that comes with becoming a McKinsey partner, there's also the elite organization's clout. The company often appears at the top of the list of the "<a href="https://en.wikipedia.org/wiki/Big_Three_(management_consultancies)">Big Three</a>" consulting firms (which includes BCG and Bain as well) and has been ranked the No. 1 consulting firm for three years running on the "<a href="https://www.vault.com/best-companies-to-work-for/consulting/vault-consulting-rankings-top-50">Vault Consulting 50</a>," which identifies the best firms to work for in North America.Because of McKinsey's incomparable benefits when it comes to pay and prestige, becoming a partner there is notoriously difficult. <a href="https://sg.linkedin.com/in/trankim">Kim Tran</a>, who served for three years as a McKinsey consultant and is now the founder of career-prep advisory platform <a href="https://mconsultingprep.com">Management Consulting Prep</a>, <a href="https://www.quora.com/How-hard-is-it-to-become-a-partner-at-McKinsey">wrote in 2014 on the online forum Quora</a> that "the general rule of thumb estimate people often use is: 25% of associates make it to <a href="http://workingwithmckinsey.blogspot.com/p/blog-page_16.html">EM</a> [engagement manager]; 25% of EM make it to AP [associate principal]; and 25% of AP make it to partner. So it comes out to be about 1.5 out of 100 associates make their way up to become partner."Heather Bingham, an organizational psychologist at precision-lending firm <a href="http://www.boostandco.com/">BOOST&amp;Co</a> who held a senior role in HR at McKinsey in London for more than nine years, said that "becoming a partner at McKinsey isn't just about being good at the job. It's about becoming part of the McKinsey fabric and about making your own individual, valuable contribution to the success of the firm."Caroline Stokes, the CEO of talent agency and executive search firm <a href="http://www.theforward.co/">FORWARD</a>, added that being a McKinsey partner "is not like a normal 9-to-5 job," since the rarified McKinsey employees who rise through the ranks "live, breathe, and adapt faster than anyone else."Rachel NixonCaroline Stokes."At McKinsey … just like being a lawyer, you have to demonstrate incredible aptitude, focus, and determination (long hours, delivering everything that's needed) to make it to partner level," Stokes said. "And just like being a lawyer, becoming a partner demonstrates you have what it takes. This means … an ability to drive projects through in a highly competitive market. Associates who aspire to partner level need to demonstrate incredible energy, analytical problem solving, and executive presence. This is why major corporations hire McKinsey, after all. They are the creme de la creme."Business Insider asked Bingham, Stokes, and two other management-consulting recruiters to share their insights on what it takes to break into the partner track at McKinsey.<h1>Do great work for McKinsey's clients - period</h1>As the founder and CEO of <a href="https://www.eca-partners.com/">ECA</a> (formerly Ex-Consultants Agency) - a specialized executive search firm with its roots in management consulting - Atta Tarki has ample experience with McKinsey recruitment and placements. In Tarki's firm, 10 out of 11 managing directors have served as consultants themselves at firms that include McKinsey. Tarki's first line of advice for those who aspire to become a partner is: Don't forget about the basics, which begin with excelling at your job and in your deliverables to clients. "Yes, getting elected to partner at McKinsey requires more of you than simply delivering great work," explained Tarki. "However, if you don't consistently deliver great work, it will be nearly impossible for you to be elected partner." This means that you really need to love creating impact for clients and "understand how the work you are doing is moving the needle," he said. Atta TarkiAtta Tarki."Understand what's the toughest problem on a project and solve that," said Tarki. "If you think the project needs someone who can do a discounted cash-flow model, but no one on team including you has that experience, raise your hand and say you'd be happy to figure that out." Of course, it's important to only do this for something you think you can actually figure out. "If you think that a client team member is highly skeptical of the project and is likely to oppose your recommendations, start building a relationship with that person so that if need be you can influence them," said Tarki. "This way, partners will be coming to you and asking if you can help them go to the critical client team member and convince him [or] her on a critical piece." <h1>Always be thinking one step ahead</h1>Tarki noted that at each stage in your development at McKinsey, you need to be proving that you can master what you're currently doing as well as do the next level of work well enough to deserve a promotion. "As an analyst, you need to master the analytical toolkit and own a portion of a workstream," Tarki said. "At associate, you need to be able to conquer an individual workstream. At EM, you need drive multiple workstreams [for] a single client. At AP, you need to start selling while running multiple engagements across a couple [of] clients. At partner, you need to almost exclusively be selling while managing [at a] high level across all of your clients." He added that it's imperative for prospective partners to never forget who pays the bills and demonstrate the ability to sell by delivering on the projects that directly lead to repeat business. "Find other opportunities to contribute to the firm beyond the work you're doing," Bingham added. He said that joining teams that are creating online content that will be published in your industry is an obvious way to be noticed, "but there are lots of opportunities available."<h1>Target opportunities with the most room for growth</h1>"Get on board a rocket ship rather than a sinking ship," Tarki said. "Savvy consultants don't just sit around for the allocation manager to call them and tell them about their next project. Nor do they only focus on the work they find interesting at the moment." Instead, Tarki recommended that consultants try to work on projects targeting topics, industries, or accounts that they think have the potential to grow significantly over the next few years. "Growth often leads to gaps in the talent needs, which gives you the opportunity to fill those gaps," said Tarki. "Shrinking sectors and accounts often end up in turf wars between multiple people wanting to fill the same role." Also, avoid simply chasing the next shiny object. Tarki pointed out that successful APs often target industries and clients in particular that are "less sexy or under-utilized" because they leave the most room for growth. "Taking a No. 4 client in a particular industry to No. 1 is much more impressive than increasing spend on a No. 1 client where deep relationships already exist and success can be shared among multiple stakeholders," Tarki elaborated. "There's typically a higher chance to get in based on an industry that touts fewer potential entrants, so selecting an industry that is less popular leads to a higher success rate."Bingham suggested an additional winning strategy: You can gain visibility with upper management by getting involved in recruitment. "Press to be trained as an interviewer as soon as you can be, and really contribute to the recruitment program by conducting a good number of interviews each year and attending events (not just at your alma mater)," Bingham said.<h1>Be an intrapreneur</h1>Portia Kibble Smith, an executive recruiter at <a href="https://karat.com/">Karat</a> who has four decades of corporate experience and has placed many candidates at McKinsey, suggested doing things that help to "build the firm's capacity." A great way to do this is by being an "internal entrepreneur" or intrapreneuer. "Being entrepreneurial means identifying customer needs that don't map to current offerings and building out a new function to create solutions," said Smith.Portia Kibble SmithPortia Kibble Smith.For example, "The best consultants working with engineering teams are always looking for new ways to help their clients solve problems like hitting hiring targets - which is really hard to do for a VP of engineering who doesn't have time to conduct all the technical interviews needed to make their hires," Smith said. "So one solution would be to bring in an external partner to deliver an interview engineering solution, which gives clients the infrastructure they need to grow their teams, and it gives McKinsey a new approach that their competitors haven't thought of."Other ways to build internal intrapreneurship include focusing on a function that you can perhaps take globally and constantly building a body of knowledge. "Clients want to know that you can codify things that can be shared with others - whether it's a white paper, an article from HBR [Harvard Business Review], or Trade Press," said Smith. "Are you building your knowledge that can be a true asset for the client?"<h1>Build strong internal relationships and mentorships</h1>No one at McKinsey gets to the partner suite alone. "You must build followership," Bingham said. She offered that if you want to become a McKinsey partner, then you must "force yourself to maintain meaningful connections with all those you work with." Heather BinghamHeather Bingham."This isn't schmoozing, but something that will ensure you look as though you're becoming part of the McKinsey firmament," Bingham said.Tarki stressed that successful consultants don't just focus on picking the right projects and industries, but also on aligning themselves with an existing partner who can take them to the promised land. "You need to sell internally and make sure there is a lot of support," he said. "Being the 'go to' is equally important internally as it is externally."To that end, Tarki advised finding a mentor. "Aligning with folks that are exceptional mentors and have time to mentor compared to those that are average at development and are spread too thin will yield dividends," he said.Bingham agreed that the quickest way to get yourself lined up for partner is to develop strong relationships with partners you admire who will champion you. She stated that this is best achieved, starting at the engagement manager level, by working with your staffing coordinator or HR to determine how best to specialize in a "McKinsey-recognized area." such as strategy, operations, or McKinsey Digital. She added that you can approach this specialization by either industry or function. <h1>Start networking as early as possible and align yourself with 'star managers'</h1>In your first year on the job, it can feel overwhelming to navigate all of the complexities of building strong internal relationships, so Tarki suggested instead focusing on doing great work and trying to line yourself up with what he termed "star managers." "These managers tend to have more to teach you and are also highly sought after by the star partners," said Tarki. "Start by asking these star managers if there is anything you can do on your end to get the opportunity to work with them. If you get this opportunity, a lot of the other pieces tend to fall in place." You typically have to put in a minimum of six years at the post-MBA level before being considered for a partner promotion at McKinsey, according to Tarki. However, chances are that "you've already missed the mark" if you only start thinking about how you intend to become a partner four to five years into the job. "In reality, most partners who will vote on your promotion decision have not worked with you, and they will look to the ones who have worked with you to guide their decision," he said. "You want to make sure that you have aligned yourself with a partner who is senior enough in the system and is well respected among the partner group." Tarki noted that if you only have the backing of a junior partner or someone who lacks the weight to carry you through the process, then it won't matter how brilliant your work has been or how good you might be in a partner role. "You are highly likely to get dinged for the promotion," said Tarki. As you grow through the ranks, aspiring partners should also prioritize paying it back to those who mentored and assisted them along the way."Remember what was important to you and do what you would have wanted a senior person to do for you at the time," said Tarki. "This way you can attract star team members onto your projects. These people will be critical in building your success." <h1>Prioritize building strong client relationships, too</h1>While you focus on developing strong internal relationships, it's simultaneously important to keep your external client relationships front and center. "Having a great relationship with clients is critical," said Smith. "McKinsey will get feedback directly from your clients, and they're specifically looking for people who deliver value above and beyond what the clients were expecting."Tarki clarified that developing relationship-building savvy with McKinsey clients goes beyond doing great work for them."It is easy to think that the only thing that matters is the work done, but the big skill partners all bring to the table is their communication and ability to build relationships and hear the deeper needs," he said. "Become the one person they feel comfortable talking to about internal politics or they are willing to stay 30 minutes extra in the office for to do a data pull - make yourself valuable from a relationship perspective." Another reason to prioritize going above and beyond with your clients is that everyone who gets promoted to partner at McKinsey has received stellar feedback from clients. "For many, this [relationship-building] muscle is a bit unnatural and requires flexing to grow," Tarki said. "Therefore start thinking about relationship building early. Try to find client team members that you enjoy working with and are critical to the project's success and become the one they want on all of their projects. With time, as you show you can take more and more off of their plate, they will become a strong proponent for you."<h1>Keep your positive reputation intact</h1>Since partner promotion decisions at McKinsey are made by a global committee and require two-thirds of the vote in order to pass, it's critical to keep your reputation in the firm squeaky clean. Bingham shared that when she worked at McKinsey, she saw a really strong candidate - whom she described as "now incredibly successful outside McKinsey and a genuinely lovely chap" - whose election to partner was "scuppered by a team who just didn't like him."Tarki added that while having a partner with a strong reputation supporting your candidacy will help your case, ultimately most members of the committee will do what they think is right for the firm and for the individual. "If you have done brilliant work at times, but also displayed some poor behavior at times, you are likely to get passed up on the promotion until you have demonstrated that the poor behaviors are unlikely to repeat," he said.With this reality in mind, Tarki advised avoiding letting the intense pressures of consulting work get the better of you. "You've worked hard to build a positive reputation and make sure you keep it intact," he said. "Don't let the quality of your work slip even if you are [working on] a tough project." <h1>Brace yourself (and others) for the time commitment</h1>Since making partner at McKinsey is "one of the most exclusive, lucrative, and taxing (both personally and professionally) achievements in consulting," according to Smith, it's also important to consider how the role might impact your life outside of work, including your family members. "A partner role means a huge step up in trust, compensation, and responsibilities, so it's also important to prepare yourself (and your family) for a significant increase in work commitments," Smith said.Stokes emphasized that if becoming a McKinsey partner is your goal, then "constant availability" is a must, since you're going to be "married to the organization" and its quest for excellence in every respect.Despite all of the challenges involved in grooming yourself for a coveted partner role at McKinsey, Tarki concluded that it's important to enjoy the ride, emphasizing that "you don't have time to derive that happiness in other places." "You are working very hard in this role. You are often flying into clients every one to two days, solving critical issues, deepening executive relationships, and then rinsing and repeating the next day," Tarki said. "If you don't absolutely get excitement or happiness around creating impact, then you'll never make it." <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-jay-z-and-diddy-made-millions-off-of-cheap-alcohol-zack-omalley-greenburg-2018-3">How Jay-Z and Diddy used their fame to make millions off of 'cheap grapes'</a></h3>

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