What is the activity called when a corporate project team is created to develop a new product?

Competitive innovation refers to the process of developing new products or services to gain an advantage over competitors. While it relates to product development, it does not specifically denote the creation of a corporate project team nor the internal entrepreneurial efforts characteristic of intrapreneurship.

Benchmarking is a process of comparing business processes and performance metrics to industry bests or best practices from other companies. It focuses on measurement and comparison rather than the active development of new products, making it an unrelated concept to forming project teams for innovation.

Venture capitalism involves investing in startup companies and small businesses with high growth potential in exchange for equity. This process supports external entrepreneurial ventures rather than internal teams within an organization focused on product development, distinguishing it from the concept of intrapreneurship.