The current economic environment is getting progressively more competitive, demanding and challenging for most organizations. Organizations are currently witnessing a significant rise in globalization trends and revolutionary changes in technologies. This gives rise to several organizational complexities and in order to survive and be successful, organizations need to tackle them by constantly working on their products, services and business models to maintain a competitive advantage. This paper reviews some of the key literature in the intrapreneurial research field and discusses how intrapreneurship can be an effective solution for managing innovation progression in different organizations and thereby resolving a range of such complexities. Intrapreneurship as an organizational concept has evolved substantially over the years and this review highlights how several organizations have now adopted intrapreneurial initiatives to derive distinct benefits. An innovation culture attained through such intrapreneurial initiatives can lead to considerable organizational development in terms of firm performance, innovativeness, profitability and competitiveness. Top management leaders should therefore prioritize intrapreneurship while structuring their management strategies.