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Entrepreneurial Experience : Center for Corporate Entrepreneurship and New Venturing Announced

Center for Corporate Entrepreneurship and New Venturing website.
The website of the new Center for Corporate Entrepreneurship and New Venturing.

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April 2010

By Liz Warren-Pederson

Eller's new center will foster the infusion of entrepreneurship in existing firms while capitalizing on these early days of the open innovation movement.

Corporate leaders know the directive: innovate or die. But everything from inertia to existing workplace culture can impede innovation within a firm.

“Managers are wary of bringing in workers with entrepreneurial skill sets,” says McGuire Center for Entrepreneurship director Sherry Hoskinson. “The perception is that the company will invest in these workers, who will soak up industry knowledge and leave to start their own companies.”

To address these issues, the McGuire Center has launched the Center for Corporate Entrepreneurship and New Venturing. “The idea is not just to reconcile the infusion of entrepreneurship in existing firms, but to capitalize on it in these early days of the open innovation movement,” explains Hoskinson.

Corporate entrepreneurship is a broad concept that includes the generation, development, and implementation of new ideas, behaviors, products, services, systems, plans, and programs within existing organizations.

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