The Concept of Corporate Enterpreneurship

Corporate Entrepreneurship is defined as a process whereby an individual (or a group of individuals),  in association with existing organization, creates a new organization or instigates renewal or innovation within the organization. corporate entrepreneurship represents a company's effort at renewal through innovation and new business development and through venturing. It allows existing firms to revitalize by providing an antidote to fossillisation (Burns, 2008).
Morris, Kuratko and Covin (2008) have cited two empirical phenomena as constituting the domain of corporate entrepreneurship - namely corporate venturing and strategic entrepreneurship.

• Corporate venturing approaches have as their commonality the adding of new business (or portions of new business via equity investments)  to the corporation. This can be accomplished through three implementation modes: internal corporate venturing,  Cooperative corporate venturing  and External corporate ventures. 
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• Strategic Entrepreneurship approaches have as their commonality the exhibition of large scale or otherwise highly consequential innovations that are adopted in the firm's pursuit of competitive advantage. These innovations may or may not result in new business for the corporation.  With strategic,  product offerings, served markets, internal organization (I.e. structure, processes, and capabilities),  or business model. 

Many organizations today are recognizing the need for corporate enterpreneuring. Large organisations are deliberately trying to remain entrepreneurial by encouraging managers to innovate and some have succeeded in entrepreneurial tendencies longer than many smaller firms.

This need has arisen in response to a number of pressing problems,  including rapid growth in the number of new and sophisticated competitors, intense global competition and the speed of technological change (Ramachandran et al, 2006), a sense of distrust in the traditional methods of corporate management, an exodus of some of the best and brightest people from corporations to become small business entrepreneurs, downsizing and delegation of powers to smaller, strategic business units, and an overall desire to improve efficiency and productivity.