By Manoj Sharma

Since the world is already in the throes of a knowledge-based, highly interconnected and fast paced global economy; the role of creativity, invention and innovation in driving economic growth has become increasingly important and urgent. It has become imperative for growing local economies to not just create products and services to sell locally but sell internationally as well. Furthermore this must be done quickly and efficiently.

In our knowledge-based, highly interconnected and fast paced global economy we can also start to observe the shifting motivations of individuals. For most people satisfying their low level needs such as sufficient monetary compensations, a good work place, a reasonably stimulating job and general security are more than enough. For an increasing number however this is largely inadequate. For them the higher level desires of self-esteem, contribution, making a difference, having the best, self-actualization and legacy are driving the entrepreneurial spirit in them. They are on a path of new value creation. For them entrepreneurship and intrapreneurship are the best form of self-expression.

Both sides of the equation – the people side and the economic side - are primed for new venture creation. New venture creation on an unparalleled scale.

Generally speaking there are two modes of venture creation. The first mode is venture creation of products and services by independent parties. This is referred to as entrepreneurship. The second mode being venture creation of products and services by existing organizations.

We call this intrapreneurship.