Glossary

Accelerator

Short and intensive program offering support and training to entrepreneurs which expedites the development process of a commercialization strategy.

Advisory Committee

Group of individuals (outside the entrepreneurial family), who are entrusted by the family and is consulted when making important decisions.

Advisory Council

Any group of people outside the enterprising family that are trusted and consulted when important decisions are being made.

Communication

Bearing in mind your message and environment when communicating with family members to avoid misunderstandings, conflict, and inappropriate behavior.

Entitlement

The governance decision that members of the family will naturally inherit ownership or leadership within the enterprise.

Experienced Facilitators

Experienced business experts of rich and varied backgrounds who support the intrapreneur throughout the duration of his/ her Intrapreneurial journey.

Fair Process

The governance structure where the enterprising family will enforce a system of meritocracy rather than entitlement.

Family Business Advisor

Any person outside the family business that is trusted and consulted when important decisions are being made.

Family Business Roles

Often categorized into ownership/management/family, family business roles are any role played by a member of an enterprising family. Ex: Mother, Chief Emotional Officer.

Genogram

A family diagram (tree) that maps out your family and their involvement in the family business.

Governance

The process of planning, developing and implementing policies and structures within the family business.

Innovation

Bringing big new ideas and opportunities for growth and development to the enterprising family.

Intergenerational Partnership

A two-way relationship that allows and encourages personal development between a rising generation member and a first generation member –in the context of a mutually beneficial project.

Intrapreneur

The individual at the head of the intrapreneurial project. He / she possesses an unwavering will to ensure the success of his / her project. Ultimately, the success of the project lies within the hands of the intrapreneur.

Intrapreneurial Family

A new project funded and overseen by the family business. The intrapreneur sets up an intrapreneurial project with the financial support and advice of the parent company, enabling it to participate in the growth of the family business.

Intrapreneurship

Applying entrepreneurial activities within the family enterprise, specifically encouraging the next generation to innovate within the family business. Ex: diversifying the product line

Intraprise

The result of an entrepreneurial activity within an established organization. The intraprise is driven by the intrapreneur and takes advantage of existing resources with untapped potential. Its sector of activity may be related to the main activity of the host company (such as a new division) or completely separated (a “spin-off”).

Keynote Speakers and Entrepreneurs

A renowned and inspiring entrepreneur who shares his / her experience and advice with the cohort of participants in the intrapreneurial Initiative in intimate settings.

Leadership

Refers to any role in the business or family where the member has the skills, respect and expertise to influence change within the family or business.

Legacy

Creating an honorable effect and memory around the family enterprise that will live on.

Life-Cycles

A natural evolution of growth that can be applied to the enterprise and the enterprising family.

Mentor

An individual who guides and supports the intrapreneur – combining will, expertise and experience that, combined, will allow the success of the intraprise.

Mentorship

A two-way relationship that enables and encourages personal development, often between family members within an enterprising family or with a knowledgeable non-family contact.

Meritocracy

The governance decision that members of the family will naturally inherit ownership or leadership within the enterprise.

Ownership

Being an owner is more than just holding shares to a company, it is sharing the vision of the company with the intention of long-term success.

Parent Company

Company where the intrapreneurial project will take place. This parent company allows the intrapreneur to utilize its technological, human and financial resources to facilitate the launch of their project in order to increase the likelihood of its success

Philanthropy

The act of giving back, which often contributes to building a legacy.

Rising Generation (Next Gen)

Member of the business family that is part of the next generation of leaders who instills curiosity and innovation within the family business.

Succession Planning

The planning process for successful integration of the next generation into the enterprise and transitioning of ownership and leadership.

Transitioning Ownership and Leadership

The process of incorporating the next generation into the enterprise to shift the responsibility of ownership and/or leadership. This is an important step in ensuring the business is successful in growing through life-cycles. It is essentially the execution of the succession plan developed.

Wealth

The accumulated value of both tangible and intangible resources, financial or other.