Prof Peter Russo, founder and Director of the Strascheg Institute for Innovation and Entrepreneurship at the European Business School, Frankfurt, Germany
The bottleneck in the innovation process for Irish companies is not normally the generation of ideas but the successful commercialisation of those ideas, according to Prof Peter Russo, an international entrepreneurship expert, who delivered the recent InterTradeIreland 2010 Innovation Lecture at University College Dublin.
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.
“Effective innovation is the primary source of sustainable competitive advantage in the twenty-first century,” said Prof Russo. “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.”
“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. Corporate entrepreneurship is the driver to sustainable leadership and to corporate success for Irish companies.”
Organised by NovaUCD, the InterTradeIreland 2010 Innovation Lecture by Prof Peter Russo was entitled Corporate Entrepreneurship - the Key to Making Innovation Happen. The event forms part of the TCD/ UCD Innovation Alliance Programme of Events.
Prof 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.
“We recognise the importance of corporate entrepreneurship and innovation especially in the current economic climate,” said Dr Pat Frain, Director, NovaUCD, who welcomed Prof Russo. “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.”
Prof Russo’s innovation lecture was delivered as part of the InterTradeIreland All-island Innovation Programme.
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.”
