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A leading international expert has said that Ireland must
be able to commercialise research if it is truly going to
make the Smart Economy work and see off the emerging economies
with cheaper cost bases.
Professor Peter Russo, Chairman of Strascheg Institute for
Innovation and Entrepreneurship at the European Business School
(EBS),
Frankfurt was speaking at an Engineers Ireland lecture on
innovation.
Professor Russo said that Ireland, like Germany, must do
more than just create clever technologies to succeed commercially.
"Germany, like Ireland, has a tradition of engineering strength
and know-how. The 'made in Germany' stamp is associated
with accuracy, durability and quality - but now, to succeed
commercially, this is no longer enough.
"Emerging economies are now directly competing, from a lower
cost base, to create similar technologies and products. Countries
like Germany and Ireland must now innovate continuously -
stand-alone innovation and the creation of a clever device
is not enough.
"Specifically, we need to develop associated services
to go with innovative products to create a unique offering.
A perfect example of this is the iPhone, where an innovative
product is packaged with valued services. This is how countries
like Ireland and Germany, who have engineering and technological
expertise but relatively high cost bases, will succeed. Otherwise,
we risk missing opportunities as with the MP3 - a technology
that was created in Europe but commercialised elsewhere."
Engineers Ireland Director General John Power said - "There
are many parallels between Germany and Ireland - particularly
with regards to our strength in engineering. But it is clear
both countries face a similar threat in the form of competition
from emerging economies.
"Professor Russo rightly points out that we must combine
our engineering and technological expertise with a greater
sense of commercial savvy to ensure innovation results in
business success."
Professor Russo also stated that countries like Ireland and
Germany needed a greater willingness to embrace technological
development and change and this must be done with an appropriate
education system that provided graduates with the right skills.
He said Germany has an underfunded and inefficient education
system that was resulting in a skilled worker shortage.
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