Managers in a corporate setup thrive to achieve objectives by delegation and staying focused on getting things done v/s doing things. This works well when the objectives are clear and actions are predictable. Most new ventures require a lot of experimentation – for discovering what works, for finding right customers and making things work. This forces entrepreneurs adopt a hands-on approach which many seasoned managers find very difficult. Some do consider it more as a demotion of sorts!
Treating every innovation pursuit as a typical project and assigning a seasoned project manager to lead the same many times results in unfavourable results both for the company and the manager. Managers fail as Intrapreneurs unless they learn to leave-behind their typical management skills, but pursue a participatory, hands-on leadership approach.