The generation of good ideas is generally not the bottleneck in the innovation process for Irish companies their real challenge is the successful commercialisation of those ideas. This requires companies giving their employees the freedom to act as entrepreneurs and providing them with adequate structures and processes to create an entire entrepreneurial environment within the company.
This was the main message from Professor Peter Russo, an international entrepreneurship expert, who last night delivered the InterTradeIreland 2010 Innovation Lecture at University College Dublin. Organised by NovaUCD, the Innovation and Technology Transfer Centre, his lecture was entitled Corporate Entrepreneurship - the Key to Making Innovation Happen.
Professor Peter Russo, European Business School
Professor Peter Russo is founder and Director of the Strascheg Institute for Innovation and Entrepreneurship at the European Business School, Frankfurt, Germany. His research expertise includes innovation management, corporate entrepreneurship and growth management. He has also held senior positions within the banking and the high-tech industry and has co-founded a number of start-up companies.
During his lecture, Professor Russo said, “Effective innovation is the primary source of sustainable competitive advantage in the twenty-first century. Irish companies are left with no choice but to innovate, otherwise they will disappear from the market. Corporate entrepreneurship is a key way to make innovation happen inside established organisations.” He added, “It is also a vehicle for the innovative opportunities which don’t fit neatly into a company’s core business. Corporate entrepreneurship is a strategic answer to the challenge of organic growth." He concluded, “Corporate entrepreneurship is the driver to sustainable leadership and to corporate success for Irish companies.”
Welcoming Professor Russo to UCD, Dr Pat Frain, Director, NovaUCD said, “We recognise the importance of corporate entrepreneurship and innovation especially in the current economic climate. Bridging the gap between academic research and industry and building long-term strategic partnerships is a key element of the University’s commercialisation strategy and a major factor in promoting corporate innovation in Ireland.” He added, “In the last five-years over 50 licence agreements were concluded by UCD with a range of indigenous and international companies. He concluded, “It is also important to recognise the critical role that established companies can play in working with NovaUCD to support the establishment of new ventures to commercialise innovative ideas, many of which are generated by university research.”
Professor Russo’s innovation lecture was delivered as part of the InterTradeIreland All-island Innovation Programme. This Programme, a partnership between InterTradeIreland, Queen’s University Belfast, NovaUCD and the Centre for Innovation and Structural Change, NUI Galway, aims to promote and encourage innovation across the island of Ireland. Best international practice in an area of innovation is shared with business leaders, students, academics, knowledge transfer professionals and policy makers in each region via innovation lectures, seminars and master classes.
Aidan Gough, InterTradeIreland Strategy & Policy Director said, “Innovation is critical to the future of both economies, North and South. As markets contract, businesses need to become more innovative in aligning their products and services to market needs and exploiting new opportunities quickly. InterTradeIreland has a key focus on innovation as a means to improve business capability and competitiveness. Professor Russo’s lecture provided valuable insights into corporate entrepreneurship as a way to exploit emerging market opportunities.”
The InterTradeIreland 2010 Innovation Lecture at UCD was also one of the events taking place as part of the Dún Laoghaire-Rathdown 2010 Enterprise Week.
ENDS
26 March 2010
For further information contact Micéal Whelan, NovaUCD, e: miceal.whelan@ucd.ie, t: +353 1 716 3712.
Editors Notes
Professor Peter Russo is Founder, Director and Chairman of the Strascheg Institute for Innovation and Entrepreneurship within the European Business School. Professor Russo’s academic experience focuses on business administration, marketing, finance and economic law, and his current research interests include innovation management, corporate entrepreneurship and growth management. Professor Russo’s academic positions include a senior lectureship in Innovation Management at the European Business School and Visiting Professor at Stanford University. Professor Russo has been heavily involved in a number of start-up companies and has held senior positions within the banking industry and the high-tech industry. Professor Russo’s latest book, From Idea to Market, is one of the best-selling books in the area of entrepreneurship and innovation in the German-speaking market.
The InterTradeIreland All-Island Innovation Programme aims to promote and encourage innovation across the island of Ireland. Best international practice in an area of innovation is shared with business leaders, students, academics, knowledge transfer professionals and policy makers in each region via innovation lectures, seminars and master classes. The All-Island Innovation Programme is complemented by a Community of Researchers working on innovation across the island. The aim of this community is to study innovation in several academic disciplines and to progress the development of an all-island knowledge economy via aligning best practice in innovation research with policy-making and its implementation.
NovaUCD is University College Dublin’s Innovation and Technology Transfer Centre. NovaUCD is responsible for the commercialisation of intellectual property arising from UCD research and for the development of co-operation with the industry and business communities. NovaUCD as a purpose-built incubation centre also nurtures new technology and knowledge-intensive enterprises. NovaUCD has been funded through a unique public-private partnership that includes AIB Bank, Arthur Cox, Deloitte, Enterprise Ireland, Ericsson, Goodbody Stockbrokers, UCD and Xilinx.