Corporate entrepreneurship is key to innovation, says international expert

Generating good ideas is generally not the bottleneck in the innovation process for companies, the real challenge for them is to successfully commercialise those ideas and this requires their employees to act as entrepreneurs, according to Professor Peter Russo, a renowned entrepreneurship expert.

Professor 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.

Professor Russo will share his expertise and insights on this subject at the InterTradeIreland 2010 Innovation Lecture at University College Dublin entitled Corporate Entrepreneurship - the Key to Making Innovation Happen. Organised by NovaUCD, this innovation lecture will take place on Thursday 25 March at 6 pm in the William Jefferson Clinton Auditorium, UCD, Belfield, Dublin 4.

Speaking in advance of his lecture, Professor Russo said, 'effective innovation is the primary source of sustainable competitive advantage in the twenty-first century. 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 not just about generating ideas and building prototypes but about commercialising them in the right way, and this critically important last step in a well-functioning innovation value-chain requires entrepreneurs.'

The innovation lecture is being 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 at NUI Galway, aims to promote and encourage innovation across the island of Ireland.

According to Aidan Gough, InterTradeIreland Strategy & Policy Director, '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 will provide valuable insights into corporate entrepreneurship as a way to exploit emerging market opportunities.'

The InterTradeIreland 2010 Innovation Lecture at UCD is one of the events taking place during the Dún Laoghaire-Rathdown 2010 Enterprise Week which runs from 22-26 March. All are welcome to attend and the event is free of charge.