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Piero Formica

Biography Professor Piero Formica (Italy).
Professor Piero Formica
Professor Piero Formica

Professor Piero Formica started his career as an economist at the OECD Economic Prospects Division in Paris, then moving to academic institutions.Professor Formica is Founder of the International Entrepreneurship Academyand was Professor of Economics with a special focus on innovation and entrepreneurship at the Jönköping International Business School in Sweden. He is currently a Senior Research Fellow at the Innovational Value Institute (a consortium founded by Intel, National University of Ireland, and Boston Consulting Group), where he leads an international research team on experimentation and simulation of high-expectation start-ups, and is the course leader of Experimental Entrepreneurship at the University Centre for Entrepreneurship, Design and Innovation. He is also an Adjunct Professor of Knowledge Economics, Innovation and Entrepreneurship at the Faculty of Entrepreneurship, University of Tehran (Iran), and a Guest Professor at the University of Tartu (Estonia) where he held the Marie Curie Professorship at the Faculty of Economics and Business Administration. Professor Formica is a Councilor of the World Certificate Institute, a global certifying body that grants credential awards to individuals as well as accredits courses of organizations, and serves as board member of the scientific committee of SCENT- School of Entrepreneurship at the University of Padua in Italy.

 Professor Formica received several awards and honors that include being appointed Erudite Scholar University of Calicut, Kerala (India); a Guest Professor at King Saud University (Saudi Arabia); a Special International Professor of Knowledge Economics and Entrepreneurship at Beijing University of Aeronautics and Astronautics (China);an International Professor of Knowledge Economics and Entrepreneurship at the Higher Colleges of Technology, United Arab Emirates;a Visiting Professor of Knowledge Economics and Entrepreneurship atthe Jean Monnet Faculty of Political Studies (Second University of Naples, Italy); and a member of the Board of Governors of the University of Bologna, Italy, where he held the professorship of Economics of Innovation in the Masters of Business Law and Technology Management.

 Professor Formica serves as board member of Industry & Higher Education; the International Journal of the Knowledge Economy; the International Journal of Social Ecology and Sustainable Development; the Journal of Global Entrepreneurship Research; the South Asian Journal of Management; and Frontiers in Education.

 In the last five years Professor Formica has extensively published in the fields of knowledge economics, entrepreneurship and innovation. THE EXPERIMENTAL NATURE OF NEW VENTURE CREATION. Capitalizing on Open Innovation 2.0, Springer, June 2013, is his new book co-edited with Professor Martin Curley (VP Intel Co.).Piero's most recent essay is STORIES OF INNOVATION FOR THE MILLENNIAL GENERATION. The Lynceus Long View, Palgrave Macmillan, August 2013. His upcoming essay THE ROLE OF CREATIVE IGNORANCE. Profile of Pathfinders and Path Creators, Macmillan Palgrave, is expected to be released in December 2014.


Professor Piero Formica



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MODULE – Knowledge, Innovation and Entrepreneurship

Leveraging Knowledge Economy for Innovative Advantage


The course aims to equip students with the knowledge and expertise to attain an entrepreneurial mindset and manage knowledge and innovation, both at the strategic and the operational levels.

Short description

Land, labour and capital were the drivers of progress in the industrial economy. In the knowledge economy, the main source of value creation resides in the hyper-mobility of knowledge.

Knowledge creation and shared knowledge are fundamental precepts of the knowledge economy. These precepts are encouraged, on the one hand, by technological factors like the steady expansion of the information and communication technologies and, on the other hand, by human factors like the formation of knowledge communities that are part of cross-border and cross-cultural knowledge networks.

The knowledge economy propels international entrepreneurship into the spotlight. Because innovation is knowledge in action, opportunities for innovation proceed from the scientific work of the knowledge producers to the business actions pursued by the entrepreneurs. Those who create international start-ups for the purpose of looking beyond national borders detect untapped opportunities not perceived by those who take the usual course of business.

Entrepreneurship, Knowledge and Innovation: Principles, Practices and Policy is an action-learning course that serves the broader purpose of cultivating growth-oriented, knowledge-based business ideas.

Students will learn how to implement new concepts and practice newly acquired skills in specially designed, integrated simulation exercises or “concept plans” (learning by doing and sharing learning with peers).

Students organized in teams are required to write a “concept plan” whose main contents are:

  • Concept description of a knowledge-based business idea
  • Value proposition (to customer and company)
  • Commercial potential
  • Competitive advantage
  • Feasibility
  • Revenue

Workshops with leading authorities as guest speakers are conducted regularly.

Course structure

Part 1 – Knowledge

  • Foundations of knowledge economy.
  • Principles of organizational knowledge creation and knowledge management.
  • Knowledge communities of practice, knowledge pools and knowledge clusters.
  • Knowledge innovation zones.
  • Knowledge markets.
  • Knowledge innovation policy: policy based on market mechanism, policy based on government intervention, public-private partnership.

Part 2 – Innovation

  • Discovery, invention, innovation.
  • Diffusion of innovation and technology transfer.
  • ‘S’-shaped curves: success curve, learning curve, life-cycle curve, and relative technology performance curve.
  • The importance of managing innovation.
  • Pioneers, early followers and latecomers: does being first to the market assure an enduring market leadership?
  • Types of innovators: case studies.

Part 3 – Entrepreneurship

  • Myths about entrepreneurship.
  • Entrepreneurial capacity: motivations and attributes.
  • Entrepreneurial opportunities.
  • Models of entrepreneurial motion.
  • Entrepreneurship in action: intrapreneurship and entrepreneurship.
  • Creativity in business.
  • Small businesses and entrepreneurial growth companies.
  • International entrepreneurship.
  • Knowledge entrepreneurs without borders.
  • Networking entrepreneurship around the globe.
  • The incubation process: from idea generation to full commercialization.
  • The role of zero-stage and seed capital funds.

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