The Characteristics of Corporate Culture and its Role in Encouraging Innovation and Entrepreneurship

Abstract

Corporate expansion demands creative and innovative cultural strategies to survive in the ever-evolving corporate environment. This qualitative study was conducted to explore the characteristics of corporate culture and its role in encouraging innovation and entrepreneurship. The study performed document analysis and analyzed both written and electronic material and conducted a focus group also with ten corporate experts, including entrepreneurs and corporate culture experts. We conducted thematic analysis of the data and the results indicate that R&D is not deeply rooted in the corporate culture. Relationships are more significant, and job opportunities are predicated on "relationships." The credibility of corporate ethics is declining. Poor performance is the result of ineffective cultures.  Because they promote psychological negativity, cultures such as these discourage risk-taking, creativity, and innovation. One of the primary reasons for not fostering a creative environment at work is disillusionment. Employees are frustrated because they are not given basic benefits and privileges, which discourages them from innovating and creating. Only employees who work for an organization with an entrepreneurial culture are more likely to come up with innovative ideas. Uniform regulations foster an innovative culture by encouraging, supporting, and rewarding decisions. By acting as incubators and accelerators, universities also strategically support students. The study also suggests the “Super Rewarding Corporate Culture (SRCC) to the organizations of Pakistan. The foundation of SRCC is based on “integrated rewards." The “integrated rewards” includes super values-based, clear mission and vision, support performance, ethical enrichment, highly global standards, and that ensure healthy long-term benefits.