ESTIEM Magazine | Spring 2003 | Innovation Management by ESTIEM

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Editorial.. H.Çaðlar Özdað, e124652@metu.edu.tr

Dear readers,

EDITORIAL....................................................................... 03 PRESIDENT’S SPEECH.................................................... 04 WHAT IS ESTIEM?........................................................... 05 POST CM HELSINKI....................................................... 06 COUNCIL MEETING VAASA......................................... 07 T.I.M.E.S. FINAL 2003...................................................... 10 BOÐAZÝÇÝ UNIVERSITY................................................. 12 MANAGING INNOVATION............................................. 14 BOARD INTRODUCTION 2003...................................... 16 WHERE DO YOU WANT TO BE TOMORROW?........... 18 EXCHANGE PROJECT..................................................... 20 SUMMER ACADEMY 2003............................................. 21 INNOVATION MANAGEMENT....................................... 22 E.G.C. PROJECT................................................................ 25 INNOVISION PROJECT.................................................... 26 VISION OF RISK............................................................... 27 ESTIEM NEW MEMBERS................................................ 28 ESTIEM AGENDA............................................................. 30

This is the second time that LG Ankara-METU, and of course I, meet with you through ESTIEM’s official publication, the ESTIEM Magazine. As the project team, we’re glad that we have gone through a o n e - y e a r- r u s h w i t h s t r o n g memories. And during the Council Meeting in St.Petersburg, we wýll handover the whole project to a fresh friend of ours together with our memories and good will. In this issue, we tried to inform you about what’s going on in ESTIEM during the last six months. Thanks a lot to the project leaders for the comprehensive articles. In addition to these, we included articles about “Innovation Management”, which is the main theme of the InnoVISION project. As engineers, we all have to be innovative in order to stand our ground in professional life. We hope you will have six months full-of-peace until someone else says hi to you from the next issue. In high ESTIEM, H.Çaðlar Özdað

IMPRINT ESTIEM Magazine - 03/01 - Issue Number 24 - ISSN 0874-5242 Property: Local Group Ankara-METU, Productivity Club, ODTÜ Kampüsü, Endüstri Mühendisliði Bölümü, 06531, Balgat, ANKARA, TÜRKÝYE Project Leader: H.Çaðlar Özdað, e124652@metu.edu.tr Design, Frontpage and Layout: Cihat Güner, cihatguner@gmx.net ; H.Çaðlar Özdað, e124652@metu.edu.tr Editing: Þebnem Kolsarýcý, sebnemkolsarici@hotmail.com ;H.Çaðlar Özdað, e124652@metu.edu.tr NOTES The ESTIEM Magazine is the official publication of ESTIEM, the only student organization for IEM students that works europewide. The ESTIEM Magazine is published twice a year. The contents are submitted by the members of ESTIEM, sponsors and professionals. The contents may not always reflect the attitude of the publisher. Any reproduction or copy is permitted only with the permission of the editors! 03

Dear ESTIEMers, Balรกzs Bitay, Balazs.Bitay@estiem.org

dison and the bulb, Bell and the telephone, Daimler and the engine, Birรณ and the ball-point pen: each and every of us have heard about them, haven't we? A couple of names and their inventions, which changed the world dramatically by innovation. It is well known, that the European countries - compared to the USA and Japan can not boast with good indicators in the field of Innovation, the competition requires improvement of Innovation and technology t r a n s f e r. R e c o g n i z i n g t h i s handicap, Innovation policy has an ever increasing role in European policy making. Therefore a European student organization as ESTIEM can - and I think should devote this issue of the magazine for this topic and raise some important issues within the field, also aiming to generate discussions. And that is also the thought behind of starting the new VISION series with Innovation (see page 26) as a main theme. But what is innovation?! Innovation does no longer mean technical innovation only, since the sensibility towards grasping new ideas, creating new values in general is connected to all the activities of human being, thus can pop up at any field of the economy as well as in any spheres of the society. As such, it means the renewal of all fields of economy, politics and culture and practices for acquiring and improving of skills, which in the end will gain shape in a new product. Not the radical world famous inventions, and technologies given birth by big multinational companies or world

wide co-operations, are the only means of Innovation. In fact, a substantial part of Innovation is brought into life either by Small and Medium Enterprises or in the public sector. When we are thinking about creation of new skills and development of the existing ones, then international student organizations have various things

skills can be developed trough participating in a student organization. Of course we in ESTIEM also have our small share of innovation. New projects, starting of new committees, new ways of cooperation, building a new IT working platform, these are the things that result in organizational change, which is also a way of innovation. The human interest, the need to increase our knowledge and develop our skills, being continuously driven to achieve something even better: this is the motivation which always brings the world one step further and this is that leads to innovation. And this is the attitude in my humble opinion that all students being active in ESTIEM share. If you as an IEM student, reading these lines think in a similar way and you would like to make your coming years memorable, would like to meet foreign students sharing the same view but still having different cultural backgrounds, would like to make friends then it is high time for you to join us! On behalf of Board 2003, In high ESTIEM!

to offer and also play an important role in my belief. Being active in ESTIEM you can broaden your horizons and develop many skills. Networking, building of international contacts has an utterly important role in improving technology transfer for instance. These kinds of interpersonal, soft

Balรกzs Bitay President of ESTIEM 2003

A brief introduction to ESTIEM http://www.estiem.org

ack in 1990, students from 5 different countries founded an organization called ESTIEM (European STudents of Industrial Engineering and Management). Its aim is to establish and foster interrelations among European students of industrial engineering and management (IEM). ESTIEM is currently represented at 63 universities in 21 European countries, and is still growing. All these universities offer courses in IEM. Through its members' organizations ESTIEM reaches and represents tens of thousands students. The students of Industrial Engineering and Management (IEM) incorporate both management and engineering skills. Through involvement in ESTIEM, students get an opportunity to experience different cultures, take part in international projects and make friends with other ESTIEMers all over Europe. Our belief is that the activities and projects of ESTIEM give our members knowledge and experiences that are important for their personal development and reaching-to-future goals. The students involved in ESTIEM incorporate both the skills required for modern business and an openminded approach towards other people and cultural issues. The decision-making body of ESTIEM is the Council, which meets twice a year, in autumn and in the spring. Each university,

represented by its local group, sends two student representatives. The five board members of the board of ESTIEM are elected during the autumn Council Meeting. The board is responsible for the management, co-ordination and administration of the association. The board represents the association in all legal matters. ESTIEM has continuously increased the number of its activities, thus being able to offer a great variety of events to IEM students. Based on its activities, ESTIEM has attracted many active students and the organization has seen rapid growth since its inauguration. Major activities on a European level include the European case competition TIMES, Vision seminar series, ESTIEM Magazine, Summer Academy, Exchange, IEM-net, Council Meetings and European Graduate Catalogue (EGC), lead by the Project Leaders who are elected at the Council Meetings.

Committee, Knowledge Management Committee and the recently started Financial and Legal Committee. For more detailed information about our organization and activities please visit our website at www.estiem.org

ESTIEM Permanent Office Paviljoen A-22 P.O. Box 513 5600 MB Eindhoven The Netherlands

e-mail: info@estiem.org fax: 00 31- (0)40 2473871 web: http://www.estiem.org/

On the European level, beside the board and the Project Leaders ESTIEM members can also take bigger responsibility by taking part in the work of the Committees. The Committees work closely together with the board, carrying out some of the work of the board members. ESTIEM has four of them at the moment: the Information and Communication Technology Committee, the Public Relations Committee, New Members

Post Council Meeting Helsinki Matias Kokko, Matias.Kokko@estiem.org

fter the official and very busy program in Vaasa council meeting, a few brave ESTIEMers, 20 to be exact, decided to extend their joyful days in Finland. The post Council Meeting in the Finnish capital Helsinki took place from the 26th to the 30th of October. The southern Finland, known for its beautiful weather in that time of the year, was particularly nice during the four days. Once in a while it didn't rain and sometimes the temperature rose above five degrees. That is, however, what the Finnish sauna was invented for, and we had a lot of that and something else to keep our guests warm. T h e a m o u n t o f participants wasn't really clear until the bus from Vaasa arrived. The group was a bit smaller than expected but showed some resilience against tiredness. We didn't manage to get them to sleep even by serving dinner at a museum. Instead everyone proceeded to an after party. The next morning my fellow organizers and me took our guests to a sightseeing tour around Helsinki and showed a lot of places none of us had visited before. Since there was some extra time, we took our guests to a nearby city for a cup of coffee. The evening culminated with a special dinner party called â&#x20AC;&#x153;sitsitâ&#x20AC;?. In short, everyone is well dressed; the food is excellent 06

(thanks to the kitchen staff) and there is a lot of singing, and with every song you toast at least once. We heard a lot of interesting songs from all of the participating countries and later in the evening we experienced sauna and swimming in the frozen sea. Though the preceding evening was a bit moist, next morning everyone was more or less eager to go on an excursion to a

this point, we had lost some of our partying staff who left to their home countries but we still had one day to go and about ten persistent guests. The last day we visited our department at the university and after some free time for shopping in Helsinki we drove to a cottage deep in the forest which was located in the middle of the city of Espoo. Surprisingly we went to sauna there and dipped ourselves in a frozen lake. I think this wraps up the Post CM in Helsinki pretty well. I hope all our guests enjoyed their stay and did not get a too bad image of the Finnish climate.

Matias Kokko UPM paper mill. There we learned that there is only one forest in Finland, starting from the south and ending in the north of Finland. We also saw some huge and modern paper machines but the only ones actually making some paper at the time were about fifty years old. At least they looked and smelled like real machines. On our way back we stopped for pizza at the same old (in Finnish terms more than two hundred years) city of Porvoo where we had coffee the day before. The day ended with sauna and finally our guests showed some signs of fatigue. At

LG Helsinki

Council Meeting Vaasa Jukka Rohila, Jukka.Rohila@estiem.org

STIEM 25th Council Meeting took place in Vaasa, Finland from the 21st day to the 26th day of October. The event gathered over 120 IEM-students from all over Europe for a week of work and fun together. The Council Meeting was organized by Tutti ry, which is Vaasa University's technical students organization. M

The first real surprise came when I heard how people from St. Petersburg came to Vaasa. When they told me that their taxi had just dropped them here and left back to Russia, I couldn't believe my ears. Soon I realized that they weren't kidding! When you think for a moment about it, it isn't really a bad choice of transportation. Maybe we all will use the same method to get to the St. Petersburg when they are hosting a Council Meeting. =) In the course of the day, more and more people arrived to Vaasa. The only problem was that there were people missing. Many had canceled in the last minute and at the end of the day we had calculated that there would only be little over 120 people taking part in the Council Meeting. We had been expecting more people to arrive and all our calculations were made using an estimate of 140 to 150 people. In some other case this could have been a disaster but in our case it turned out to be a good thing. By decreasing the number of

people sleeping at the cabins, we could balance our financial situation. The good thing was that our staff was up on its task and made the necessary arrangements. T

Council Meeting started with the first General Assembly early on Tuesday morning. At the same time I had arranged press interviews with our local newspaper, that's why I and Bjรถrn Johansson (President of ESTIEM 2002) had put suits on to make a good impression on the press. Unfortunately the local newspapers were too busy with their other tasks that they did not make a story about us. At least our university's student magazine made a story about us. Unfortunately they didn't have time to wait for Bjรถrn and I had to send their questions after the Council Meeting to him. Definitely we could have tried to handle the press better, but at least the General Assembly started

right on time. The biggest surprise of the day came when we went to eat. We had been quite afraid on what people would feel about the food served in our schools cafeteria. For our luck, people really seemed to like the food served there. This definitely eased our mind, because we considered food as one of the most important factors to make the Council Meeting a success. You can't have a bright mind if you don't nurture the body. After a day of hard work we had arranged little chill-out evening in a local pub called Gringo. Our honest intention was to have a few beers, sing a song and then go to sleep. Most of the participants did so and went to sleep. The same can not be said about us, the organizers who continued having a party in night club Fontana. I should have made a note to myself to think a little bit about what I was doing ;-)

After working hard and the party on Tuesday, I thought it would be quite difficult to get up. Luckily this was not the case, I think having Council Meeting spirit in the air made everybody more energized. From the organizers point of view things went smoothly and we could stop for a while, drink coffee and plan future actions to be taken. Specialty on Wednesday and whole of the Council Meeting in Vaasa was that we had managed to get the Finnish Lutheran church to sponsor us. They provided us with cabins with very low price and thus helped us very much in our effort. We gave them an opportunity to make a presentation in Council Meeting. In the evening we had a party at night club Papin Nenä. There was an SMS text chat party at the same time with us. A local TV-station hosted the chat and broadcasted a live show from there. Unfortunately their plans about the show did not go as planned. Actually I later learned that I had single handedly destroyed their competition that was to be broadcasted on TV. The reason for this was that by cramping the microphone from the hostess and turning their competition to little more than a complete mess, the TV-station refused to broadcast the competition. I thought what else can be expected when you have a house full of IEM-students ;-) 08

Work continued straight away in the morning and went on until late evening. Me, and I think others as well, were all waiting for the evening and going to sauna. We had arranged a little supper in Cotton club and a sauna with a few drinks. Specialty of the evening was playing “the national game of Finland” which was basically hitting snowball with a bat. More of a surprise for us was that ESTIEMers went to roll in the snow after sauna. Everybody seemed to have much fun and the drinks that we had brought there ended quite late in to the night. After being in sauna and drinking a few beers life seemed much easier, at least for a while :-) F

Friday was the last working day of the Council Meeting. It was amazing to see, that still after a week of hard work, people were up and working to make everything complete and ready. For us, organizers, the day was quite relaxing; things ran smoothly when everybody was on the last General Assembly. Problem of the day came when we noticed that the beamer to be used in the presentation of Microsoft was not good enough. This came up just a few hours before the presentation and meant that we were once again quite busy. Luckily our university had spare beamer that we could borrow. Real work came when the projector had to be mounted on its place 4 meters above the floor. Using our IEM-

skills and traditional Finnish working by shouting technique, the beamer was finally on its place. Our hard work paid off when we got a chance to listen to Microsoft's presentation on their .NET technology. The presentation was very interesting and offered a great chance to see what tools and techniques Microsoft can offer to support our work. Soon after the presentation the last General Assembly continued for a while and then ended. A week of work was at its end. I myself felt a little bit sad inside, though days had been hard, it still had been a joy to work with everybody and them it was all over. In Council Meetings, time really flies, you do a lot of work and meet new people and make friends with them, and soon as you realise it, it's over. But there was no time to be wasted by being sad because there the Gala evening was still ahead of us. The gala evening was held in the city hall, where we were welcomed by the chairman of the city council. After a welcome toast we moved on to the buffet, which offered traditional Finnish food. I myself liked the food very much, and also enjoyed quite much the wine served there. Sadly we could only spend a few hours in the city hall and then had to move on to the next place. Our party place was not quite up to the standards set up by the city hall, but still gave a great place to party and say goodbyes to each other. A nice part of the evening was when we got presents from our guests, and the even better part was to have hugs from all the lovely ladies :-)

B e h i n d

t h e

s c e n e

Setting up a Council Meeting is a big task and involves a huge number of people. We started our project quite early, but still managed to get in trouble. With the hard work of many people we managed to pull it through. When starting to count all the people from our local group who worked, the figure must be more than 20 people. During the days of the Council Meeting we had, at least five to six people working at the same time. A lot of work happened behind the scenes and big thanks must be given to these people. I myself learned, when working with everybody, that in a big project like this, and in a stressful event like the Council Meeting, the very big thing is to thank people when they are doing work and give notice and appreciation to them, because that is what they have earned. If you do not take care of this side, people might get disappointed with you. This happened to us and I have tried to learn from it. My advice to all people is to say as many thanks as possible, because it's such a small thing to do and has such a big impact. Our primary trouble from the beginning was the financial situation. Getting sponsors to our event proved to be a more challenging task than we had

anticipated. But then ESTIEM board negotiated with Microsoft to sponsor our event and we got a contribution from our department. These helped us much, but we still had to minimize the expenses. From the beginning we had made it clear that it would not be acceptable to go into deficit too much. This was really stressful for us because in the summer our

budget was still over 5000 Euros in deficit. The situation could have gone even worse if we had not started to downsize and try to find cheaper ways to organize the Council Meeting. Luckily our team members possessed connections with many places, for example with the Finnish Lutheran church which provided us with cheap cabins. There were also many negative sides on downsizing and using cheaper options. One of the stressful things was a restriction that the church gave when loaning cabins for us. The restriction was that there could be no drinking

what so ever in the cabins. If there was, they would throw us out. If we had known ESTIEMers better, we wouldn't have been afraid. Everything ran smoothly in cabins and later when I talked with the church people, they said to us that they were amazed on how good and nicely things went and they had nothing to complain about. We really must thank all ESTIEMers for being such good supporters. Some things that we got right were really close to fail. For example the usage of university computers became certain on Tuesday during the first General Assembly, when I went to our IT-department to get username and password for our account. We had made some back up plans to cover us if we would not have got an account. Many other things were also close to fail, but luck was with us and we managed to have a decent Council Meeting. Our worst fear of total failure and embarrassment did not happen and we are very grateful for that. Organizing a Council Meeting was a great challenge and gave us much: it taught us to be more humble, gave us many lessons on leading and working in a project and most importantly gave new friends. Happy end, best end :-) Jukka Rohila

T.I.M.E.S Final 2003 Steffen Esche, Steffen.Esche@estiem.org

IMES is the European business case competition with the best IEM students participating. Once a year hundreds of students compete to p ro v e t h e i r m a n a g e m e n t knowledge and engineering skills to a jury of professors and company representatives. TIMES is the only tournament of its kind in Europe, and is divided into three steps: local qualification, semi-finals and the final. This year seven teams will compete in the final in Frankfurt am Main and in I l m e n a u , G e r m a n y. T h e participating teams will solve case studies developed with some of the leading European companies.

Munich, April 2002 Finally Lutz and I decided to meet in Munich and to go to the Council Meeting. There we decided to apply for TIMES, Lutz as the Project Leader and me as the Final Organizer. We were both looking for a new challenge. After Munich

February, TIMES Final 2002, Eindhoven, Netherlands Lutz and me we are usually studying in Ilmenau. We both participated in the TIMES Final 2002 in Eindhoven. The only difference was, that Lutz was running for Istanbul and I was running for Ilmenau. At this time Lutz was still an exchange student in Istanbul. At the TIMES Final in Eindhoven we already got the idea to apply somehow for the Project Leadership of TIMES 2003. 10

After the Council Meeting in Munich our work started. Organising the Final does not only mean to organise a great week in Germany. It also means to be deep involved in the whole project. Partners and sponsors have to be found, a budget has to be planned, posters and brochures have to be designed and printed and also distributed to all local groups, the communication has to be kept up and lots of little problems have to be solved. In the beginning you do not even think about all the things that might come. Of course sometimes everything is becoming

a bit stressful but in the end it is fun to work in such a project and gain important experiences. Especially at the moment times are tough to find sponsors and partners for such a big project who are able to give the financial support that is needed. But should we despair and sulk? Of course not! Especially now it is important to stand together, take the initiative and demonstrate personal strength. The basis for a successful project is teamwork. Soon the head sponsor of TIMES 2003, Roland Berger Strategy Consultants was found with the help of the Board 2002. In the following weeks we were

looking for other companies that might be interested in cooperating with us. Due to the business crises was hard. But finally we were successful! Frankfurt and Ilmenau, April 2003 Everything is set for a great week in Germany. The winning teams of the six semi-finals will meet in the beginning of April 2003 in Frankfurt am Main, Germany. We decided that half of the final is going to take place in one of the biggest business metropolises in Europe. After three days all participants will leave to go to Ilmenau to spend four other amazing days. Besides the Head sponsor, Roland Berger Strategy Consultants, also other wellknown companies are involved in the TIMES Final like Deutsche

Bank AG, Deutsche Post World Net and some more. One thing is for sure: A great week is waiting for all the participants of the TIMES Final 2003.

(Project Leader) or Steffen Esche (Final Organizer). In high ESTIEM Steffen Esche

For more information please contact Lutz Grunwald

Istanbul Offers a New M.S. Program in Financial Engineering http://www.fe.boun.edu.tr, fe_estiem@boun.edu.tr

oรฐaziรงi University in Istanbul, which has one of the prettiest campuses in Europe, offers a new Master of Science Degree Program in Financial Engineering. This is an interdisciplinary program offered jointly by the Departments of Industrial Engineering, Mathematics, and Management. Degree requirements may be accomplished in three semesters. Classes are held in the evening during the week, and during daytime on Saturdays. The expected background mainly consists of undergraduate level probability and statistics, linear algebra, calculus, and basic economics. Students with an undergraduate degree in a technical field like engineering, mathematics, physics, operations research or statistics, or in a related field like economics or management may apply. The program currently has 33 students. INTRODUCTION The main objective of the program is to provide graduate level technical education to students who want to work in the growing finance industry. This includes investment banks and corporations, financial management and consulting companies, and insurance companies. Recent developments during the last decades have shown 12

the need for an educational program whose graduates are equipped with the necessary tools and techniques to evaluate financial markets, determine investment strategies, as well as design, engineer and market new financial products. The topic has become more appealing with the emergence of financial instruments like options, swaps, interest-rate derivatives, credit derivatives, and private retirement plans. A graduate of the program is expected to work not only in companies that market financial products, but also in the finance department of service or manufacturing firms. During the last few years, many respectable universities including Princeton, Columbia, Cornel, Berkeley, University of Reading, and University of Twente among many others have instituted MS programs in Financial Engineering. The reason is to satisfy the growing demand initiated by the finance industry for a new MS level education in the field. The academic requirements of the program need the cooperation of several disciplines like economics, management, industrial engineering and mathematics. Students will be exposed to a technically rigorous curriculum that provides a strong base in quantitative techniques and stochastic modeling. The main emphasis is on the application of these techniques and models in financial markets through computational methods and simulation. STUDENT PROFILE The targeted student body

mainly consists of professionals who are graduates of engineering, businessand science schools with a minimum 2-year work experience. Although work experience is recommended, it is not required and new graduates with successful academic records may also apply. ACADEMIC CURRICULUM Students who have successfully completed the requirements of the FE program will receive an MS degree. The graduation requirement is to complete 31 credits consisting of 9 required, 2 elective courses and a graduation project. Required Courses: Computational Finance, Optimization Models in Economics and Finance, Fundamentals of Economics, Math of Uncertainty, Financial Econometrics, Financial Calculus, Derivative Securities and Markets, Investment Analysis & Portfolio Theory. Elective Courses: Corporate Finance, Money & Capital Markets, Decision Analysis, Risk Analysis and Insurance Pricing, Life Insurance & Pension Plans, Risk Management in Financial Institutions, Valuation with Real Options, Data Mining. So, why come to Istanbul for a year and a half? Ask Pawel Zaborowski, an ESTIEMer from Poland, who is a current enrolled student: pawel@boun.edu.tr CONTACT For further information, send an e-mail to Dr. ร lkay Boduroรฐlu: fe_estiem@boun.edu.tr Kindly visit our website: http://www.fe.boun.edu.tr

Managing Innovation: Itâ&#x20AC;&#x2122;s more than technology Joe Tidd, j.tidd@sussex.ac.uk

Innovation is essential...

anagement research suggests that innovative firms- those that are able to use innovation to differentiate their products and services outperform their competitors, whether measured in terms of market share, profitability, growth or market capitalisation. Innovation has become a major driver of success in an increasing number of activities and sectors, and is no longer confined to large manufacturing firms. The impact of the Information and Communication Technologies (ICTs) in logistics, distribution and services has already been significant, and has resulted in a wave of new ventures. The completion of the initial stages of mapping the human genome promises to have similar impact on the pharmaceutical and healthcare sectors in the near future. In both cases there is good reason to believe that the competitive and economic exploitation of these and other emerging technologies has just begun. â&#x20AC;ŚBut innovating is risky However, the management of innovation is inherently difficult and risky: most new technologies fail to be translated into products and services, and most new products and services are not

commercial successes. In short, innovation can enhance competitiveness, but it requires different sets of management knowledge and skills from those of everyday business administration. The management of innovation is inherently interdisciplinary and multi - functional, but most management texts tend to emphasize a single dimension, such as the management of research and development,

production and operations management, marketing management, product development or organizational development. An integrative approach to the management of innovation is required, and it is what we advocate in our recent book Managing Innovation (www.wiley.co.uk/innovate). Although innovation is increasingly seen as a powerful way of securing competitive idn't

advantage and a more secure approach to defending strategic positions, success is by no means guaranteed. The history of product and process innovations is littered with examples of apparently good ideas which failed in some cases with spectacular consequences. For example, even experienced players can get their fingers burned. Motorola launched an ambitious venture which aimed to offer mobile communications from literally anywhere on the planet - including the middle of the Sahara desert or the top of Mount Everest! Achieving this involved a $7bn project to put 88 satellites into orbit but despite the costs Iridium - as the venture was known received investment funds from major backers and the network was established. The trouble was that, once the novelty had worn off, most people realized that they didn't need to make many calls from remote islands or at the North Pole and that their needs were generally well met with less exotic mobile networks based around large cities and populated regions. Worse, the handsets for Iridium were large and clumsy because of the complex electronics and wireless equipment they had to contain - and the cost of these hitech bricks was a staggering $3000! Call charges were similarly highly priced.

success comes by accident - and sometimes the benefits arising from one lucky break are enough to cover several subsequent failures. But real success lies in being able to repeat the trick - to manage the process consistently so that success, whilst never guaranteed, is more likely. And this depends on understanding and managing the process such that little gets left to chance. Research suggests that success is based on the ability to learn and repeat these behaviours; it's similar to the golfer Gary Player's comment that 'the more I practice, the luckier I getâ&#x20AC;Śâ&#x20AC;&#x2122;

well as our experience in the U.S., Europe and Asia. We offer a range of graduate programs MSc and PhD which allow students and managers to study and apply these lessons. (see www.sussex.ac.uk/spru). H o w e v e r, t h e s e a r e designed to encourage and support experimentation and learning, and not to substitute for it.

How to innovate? All this suggests that it is not sufficient to focus on a single dimension of innovation: technological, market and organizational change interact. Better management of research and development may improve the efficiency or productivity of technological innovation, but is unlikely to contribute to product effectiveness, and therefore cannot guarantee commercial or financial success. Even the most expensive and sophisticated market research may be unable to identify the potential for radically new products and services. Flat organizational structures and streamlined business processes may improve efficiency of delivering today's products and services, but are unlikely to deliver innovative products and services, and may even become redundant due to technological or market change. In a process as uncertain and complex as innovation, luck plays a part. There are cases where

So what do we have to manage? We suggest that innovation is a core process concerned with renewing what the organization offers (its products and/or services) and the ways in which it generates and delivers these. Whether the organization is concerned with bricks, bread, banking or baby care, the underlying challenge is still the same. How to obtain a competitive edge through innovation - and through this survive and grow? This is as much a challenge for non-profit organizations - in police work, in health care, in education the competition is still there, and the role of innovation is still one of getting a better edge to dealing with problems of crime, illness or illiteracy. Our approach and prescriptions are based on the systematic analysis of the latest management research, and our own research, consulting and teaching at SPRU Science and Technology Policy Research, at the University of Sussex, UK, as

Joe Tidd Professor of Technology Management, SPRU, University of Sussex, U.K.

Board Introduction, 2003 http://www.estiem.org

have had the greatest years of my life and the best nine month of my ESTIEM life is still left! These were the lines I finished my introduction in the spring 2002 issue of the Magazine with. Another year passed, and I find myself in the same situation as a year ago: I supposed to introduce myself here in brief, as a member of the ESTIEM board. But one should not derivate from this that nothing has changed after all. Just on the contrary! There is a new set of people to work with, new responsibilities and tasks to live up to, new challenges call, and new ideas waiting to be implemented. Year 2002 passed so fast and seemed to be very short, but this is because it had so much to offer...It would be impossible to summarize it in few lines, so I will not even give it a try. However, the fact that I applied for the board again proves very well how much I enjoy being active in ESTIEM. As I mentioned in the beginning, many things have changed around me, and of course the organization is changing as well. However, for me it has the same message to deliver: a window to many new things - new cultures, other ways of thinking, new experiences, new personal skills and last but definitely not least friends around all Europe! It is worthwhile working for them! That is why I applied for being the president of this organisation. In high ESTIEM, Balázs Bitay

uring the last months of my high school, I thought that I should become an engineer since my father and my sister are engineers, too. IEM seemed to be the right choice for me, since it covers more general and social subjects than any other engineering disciplines. After I decided to study IEM in the university, the next decision was about in which university I should study. When I went to Istanbul, one of the most impressing cities in the world and Bogazici University with its colourful campus life, there were not any reasons to waste my time to think about it more. On the first days of my university life, I met some guys from ESTIEM and another door opened in my life to the unlimited fun and professional experience during my school time. After organising the TIMES Final in 2000, which was my first ESTIEM activity, I decided to be more active in ESTIEM. I became Local Responsible and begun to visit the Council Meetings where you can experience the ESTIEM Spirit, which has always impressed me much. People were having fun at nights and waking up early to make projects better and make ESTIEM more powerful. During my 4th CM in Vaasa, I realized that ESTIEM has changed my life and helped me to improve my personal skills and meet many people from different cultures. As a result I owed to ESTIEM and it was the time to pay back for all these things. In the end, I found myself in front of ESTIEMers from all over Europe to make my presentation for being a boardie. I received a postcard from Balázs for the new year and he was

saying that “The greatest year of your life is ahead of you, enjoy it!”. By looking at the last 2 months, I'm sure that this year will be the greatest year in my life by gaining great experience, having lots of fun and meeting more ESTIEMers. I'll do my best to see ESTIEM on the top of the “Sunshine Mountain”. Yours, Kadir Karaman

hen arriving to the Council meeting in Vaasa I had been thinking about how it would be to be one of the board members of ESTIEM. By then I had not decided to apply, but when you come to a Council meeting it does not take long time before you start feeling the effect of the ESTIEM spirit, and when you do, there are no obstacles that are too big. I could sure imagine that it would mean a lot of work to be a board member, but that is not all it leads to. You also get the great opportunity to get to know people in different corners of Europe and the chance to get ESTIEM moving to the next level of development. So here I am now, a few months later. I sure think that I made the right decision! The ESTIEM network contains so much knowledge and so many opportunities. There are so many things to experience in this organisation that it sometimes can be hard to know where to start. If we use all our tools in the right way and work hard, then the only possible future for ESTIEM will be success. I truly hope that you are willing to be a part of that success. In high ESTIEM Tomas Karlberg

e-mail: board@estiem.org

or me the word “international” has always been a carrot to follow. In my childhood I had a chance to travel a lot with my parents and during high school I spent an exchange year in South Africa. That's also one of the reasons why I decided to study IEM. When I was finishing my high school I did not have much idea about what to study and in one of the student brochures I saw that in technical universities you can study something called IEM and there are all kinds of international things. And here I am studying IEM for my second year. So when during my first months of university studies I heard there is an organisation called ESTIEM and that I had a chance to go to Budapest for something called Council Meeting, of course I took the opportunity and decided to check out what ESTIEM is. So I packed my suitcase and traveled for the first time to Hungary, after only two months of studying with no idea what to expect and no idea how that trip would change my life. In Budapest I had the best time of my life, I met so many great people, had so many great parties and noticed at home that I am something called project leader?! And I am totally hooked to this organization and the spirit you can only find from CMs. That is basically how my ESTIEM career started and it has gone the same path since then.

My year as a project leader of the VISION project Vision of Risk taught me many things and gave me a chance to work with great people all around Europe. Somehow I felt there is still something more I can experience and I have something more to give to this organisation, so I decided to apply to the board. And now after first two months of the board year I would not change a day and I'm full of enthusiasm for the coming year. Yours truly, Antti Suorsa

he years of study are supposed to be the time of your life! That is what people told me before I started at the University. But can it be the “time of your life” by just entering lectures? For me that was never an option! In order to make my student life much more exciting I joined the Local Group Karlsruhe during the first weeks of my studies.

First of all I did not know anything about ESTIEM, but after participating in the BMetropolitan Activity Week 2001 I knew that ESTIEM is much more than I could have ever expected and that I want to contribute and to spend my time for this great organisation. Since then being active in ESTIEM has become a major part of my life. First of all as Project Leader IT and now I am looking forward to an exiting year as a member of the ESTIEM board. A year full of challenging work, lots of fun during all the meetings with other ESTIEMers and the opportunity to make new friends throughout Europe. ESTIEM has given so much to me so far and a feel that I still have to give something back. I will try to tell every student I am going to meet about the great opportunities ESTIEM offers and motivate them to get active as well. The first two months of my board year are over now and even if the decision to go for the board was not easy for me, I truly believe that it was a right one! I have enjoyed and I am still enjoying every minute and I have lots of ideas and plans to go for in the next months. In high ESTIEM, Matthias Schaeffer

Where do you want to be tomorrow? Discover the World with Bosch

talked to Anna M책nsson and Falk H체lkenberg. Anna is from Sweden and Falk from Germany. Both studied Industrial Engineering and Management and got in contact with their future employer in different ways. Anna studied at the Royal Institute of Technology in Sweden and at the HEC in Switzerland. She also did an internship in Mexico and was a swimming instructor during her studies. My second interview partner, Falk, studied at the University of Siegen in Germany and at the University of Tulsa in USA. He was an active member of the student parliament and did an internship in Staplehurst, England. Both are now Graduate Management Trainees at Bosch. Falk joined Bosch in 2001 and Anna in 2002. They are in different programs and, of course, have had different experiences... Why have you decided to study Industrial Engineering and Management? Anna: The study was a mixture between technology and business administration. I chose this study because my main interests are the interfaces between exactly these two parts. Falk: I decided to study Industrial Engineering because I wanted to gain a wide perspective in my studies. Sooner or later the direction of my studies should give me the basis to work in management. How did you first come into contact with Bosch? Anna: I wrote my master thesis at Bosch Scandinavia. It was about Supply Chain Management. Right from the beginning I got the feeling that Bosch is a very dynamic and international company. The people I met were very open minded. Falk: I met diverse companies from the supplier-industry including Bosch 18

at a recruiting workshop. The company for which I had arrived had declined at a short notice. At that time I almost went home, but than I got in touch with Bosch. Today I am grateful I didn't leave! During the workshop I had informal conversations with representatives from Bosch. Actually, although they were looking for engineers, they appeared very flexible.

Why did you apply to Bosch? Falk: From the very beginning I thought of two possible alternatives for an occupational entrance: either to do an international Graduate Management Trainee Program or a job within the consulting business. I saw the chance to learn a lot at Bosch as a company with various business units. In addition they offered the opportunity to do a stage abroad, which I found very tempting for my own personal experience. Anna: I was satisfied with my work at Bosch in Sweden and was quite impressed by the HR-management. In the end I decided to apply because of the international graduate management trainee-program. For which Graduate Management Trainee Programs have you applied? Anna: I sent an open application. I

was interested in purchasing and sales/marketing. Now I am working in purchasing. Falk: Although a lot of industrial engineers applied to the business administration or purchasing program, I felt quite clear about doing the marketing program. I was tempted by the chance to get to know so many different markets at a product level as well as at the regional level. I still think it is enormously attractive. How was the application process at Bosch? Falk: After the conversations during the workshop it only took a few days until I was invited for an interview at the Bosch headquarters in Stuttgart. There I met the people responsible for the trainee program in b u s i n e s s administration. We took part in a short case study and had a very open and informative talk. Afterwards I was able to talk to my future mentor, senior manager of the marketing department at t h e headquarters. I got a job offer the same day. Anna: In my case, it took some time at the beginning. I sent my application and waited. But then I got the invitation for an interview in Stuttgart. The interview was really good. I got the feeling that they really were interested in me and my background and tried to get the best possible impression of me. The atmosphere was as relaxed as it can be in such a situation. I didn't feel any pressure. At the end of the day I had a job offer and was surprised that everything happened so fast! I wanted to think about it and Bosch was flexible

http://www.bosch.de/jobs http://www.bosch.com/careers

three weeks I said yes and received welcome phone calls from other trainees on the program. How would you summarize your tasks/activities into the traineeprogram so far? Anna: Before I started working, I got the offer from Bosch to learn German. So I came to Stuttgart one month before my starting date. Another trainee joined me on my first day, to show me everything and get me used to the organisation. At the end of my first week I took over responsibility for my project; it was about product change management. Besides this, I had different projects and controlling tasks and, of course, improved my German. Falk: I felt overloaded with information at the beginning and unfortunately, my boss was absent during the first days because he unexpectedly had to go into hospital. So my start was a little bit chaotic. Apart from that I took over responsibility at an early time. First I designed a business-draft of an extranet on whose basis just a B2Bsolution is constructed. After that I had to organise two event-tours through Europe so I had the chance to go to Stockholm and Copenhagen. At the moment I am working on central sourcing for promotional material for the whole Bosch world. Most topics on which I am working offer a good combination of teamwork and personal responsibility. Were your expectations to the Graduate Management Trainee Program fulfilled? Anna: I am satisfied so far. It is well organised, interesting and flexible, so that it is always your individual program. The challenging part is that it also requires a lot of courage and flexibility from you. Falk: In general yes! Of course there were times when things didn't go right. But the most important thing is that I am still convinced about the fact

that I made the right decision. What are the other key features of the program apart from changing stages? Falk: If I would say networking now, it might sound too simple. But the truth is, that you can make real friendships due to the regular traineemeetings. Anna: I want to add that you get learning-experiences in different ways. Because of the projects you are in contact with, there are so many related departments that you really get to know, so the interfaces and of course the networking. Going abroad is obligatory: Where have you been or where will you go? Anna: It has not been decided yet. It could be anywhere in the world. Falk: At the moment, I am working in Shanghai, in the corporate marketing. My actual experience could fill books. It is a completely different world: who can't eat with sticks has to starve; going shopping is the same as having lessons in negotiation and the daily work life is a little bit more chaotic than it is back home. I learn a lot but at the same time, I also have a lot to offer. What was your highlight in the program so far? Falk: The stay abroad itself is certainly a highlight. Apart from that, it is always nice to remember the trainee-meetings at different locations as well to think of my seminar on presentation. Anna: My highlight so far was the meeting with the senior manager of purchasing. Every trainee in the purchasing program had the opportunity to present their project. We also got a presentation from the senior manager to get an overview of the development of purchasing at Bosch.

Anna: It is very attractive, because it is a real trainee-program. You have your own trainee budget for your personal development and you can set your own objectives. Besides, you get the impression that Bosch offers an environment in which to develop. You feel that Bosch wants to make you feel comfortable. And it is more common to have the work/life balance. You have reachable and at the same time challenging goals. Falk: Every program has its advantages. I researched various programs but I think the program offered by Bosch is one of the best in Germany. Also because of its clear orientation to develop future managers. What could happen from here? Anna: I would like to be a purchaser for a couple of years and then to go abroad. There are lots of possibilities. Falk: Actually there are a lot of perspectives, for example as product manager, in the sales department or in corporate marketing. In the midterm, I would like to take over a management position. You find former trainees at all management levels. What distinguishes Bosch as an employer in your opinion? Falk: Bosch is big! Which means that I get opportunities that I wouldn't have at a medium sized company, especially considering my academic background, professional development or my international orientation. The fact that Bosch is not a publicly-owned company but rather a corporate foundation, which means the profit is used for social purposes, is an additional motivation for me. Anna: It is a human company!

How attractive is the Graduate Management Trainee Program in your opinion? 19

Innovation Management Elena Ghielmi, Elena.Ghielmi@estiem.org

have asked what this expression means for a Logistics' Professor of the Engineering University of Reggio Emilia and for a Mechanical Engineer Manager who works for a c o m p a n y producing power transmission systems. These are their answers about this theme…

· production cycle: it's very important to try to cut down production costs, to improve the product quality and to consider safety and environmental aspects;

projects' economic convenience, to be sure about the profitable investments.

· market: the market innovation has to pay attention to research, new opportunities for supplies and final markets (especially today, with a big saturation of traditional markets); · business organisation, not only intra but also inter companies. The innovation has to be focalized mainly between companies in order to realize the best synergies, to optimize the processes, and so on.

· management organisation: to realize the best synergy, using the updated informatics support, to avoid any bureaucratic procedures; · production technology: to invest in new machineries, new tools which are in a position to guarantee the best quality, the best performances with competitive costs; · network distribution: it is important to have a simple and strong distribution network that is able to assure a good service to the market with quick deliveries, prompt answers and, at the same time, low costs of distribution. The most important aspect is research and development (R&D); with a right and constant research, companies can have sure success.

WHAT DO YOU THINK ABOUT INNOVATION MANAGEMENT? WHAT ARE THE MOST IMPORTANT ASPECTS OF THIS SUBJECT? Professor: Today all companies have to pay attention to innovation. Not only for the companies that want to be market leaders, but for all kind of companies, innovation is now the imperative! Also in the tertiary sector, if someone is able to change his production process, he can offer the best conditions compared to his competitors; and this is the way to survive in the market. First of all, I think, it is important to consider: WHERE WE HAVE TO FOCALIZE OUR INNOVATION? Usually, the attention is concentrated on product innovation only, but it is not sufficient! I think innovation concerns all the management of the company and in particular: · the product: connecting with customer and market; 22

And after: HOW TO INNOVATE? Innovation Management is not easy to do. Operations have to be planned in advance and they have to be managed with attention. Innovation Management must be assisted by Project Management. Basic for Innovation Management is to estimate in advance the to be

Professional: The high competitiveness on the products is the main point that companies have to consider in order to develop Innovation Manageme nt, not only from the product point of view, but mainly Innovation for:

HOW IMPORTANT ARE RESEARCH INVESTMENTS, FOR FIRMS, AND WHERE, IN YOUR OPINION, IS PLACED ITALY IN COMPARISON WITH OTHER EUROPEAN COUNTRIES? Professor: As I told before, for Innovation Management the research is an essential activity (not only products' research, but for all business aspects). In Italy, on the average, companies do not dedicate a lot of resources to the research. But we have also some sectors which have world leadership thanks to research that they do. For instance: 路 near Reggio Emilia we have ceramics production: this sector try to innovate products with different kind of production; 路 Ducati and Aprilia (for motorcycles production): they are able to compete with biggest Asiatic companies thanks to product and process innovation: 路 also in the fashion sector, Italy invests a lot of money in research. In my opinion, Italy is in the same position as Spain or Portugal but, as I said, we have some sectors that are exceptions. Besides, I think that the situation is improving. Professional: R&D is really important activity and it's only the right way to individuate the new technical solutions in order to create a competitive situation. Not

only in the technical department but, also, in the production and purchasing department it is necessary to devote research. My opinion is that in the industrial contest, in Italy, we do not invest enough for a correct research to compete with other main industrial developed countries. EVERYDAY WE HEAR TALKING ABOUT QUALITY CONTROL, SAFETY AND ENVIRONMENT: IN WHAT WAY COMPANIES CAN SATISFY MARKET'S DEMAND, IN RESPECT FOR THIS PARAMETERS? Professor: It is important to understand that innovation has to go in the direction of security for people and environment. The world's conscience about this problem is growing up and companies understand that some activities are no more tolerable, today. Nevertheless, as long as the world is moving by two speeds, firms can have the temptation to move old production systems to

countries where there are more and worse problems than air quality and environment. Then, it is important that, also in this countries, there is a possibility to improve the culture about safety and environment respect. Professional: the management of a company has to consider, of course, the achievement of the profit but it's also important to reach this goal respecting the following aspects: quality control, safety, and environment respect. - Quality Control: a good process of quality and the relevant control can assure the best performance of the products, to reduce to the minimum the no conformities and the consequent warranties and maintenance costs ; - Safety: is a must in all different company areas. Operating in safety, using the updated safety devices, it means to be free and absolutely concentrated on your job only for the well-being of the employees and the benefit of the companies; 23

- Environment respect: it's important to consider the quality of the life. Nowadays, the land, the water, the air are under stress and the pollution is really a big problem. All the new technologies have to respect the environment, to assure the future generations a good quality of life. WITH THE GLOBALIZATION WE CAN SEE A BIG PROCESS AND TECHNOLOGY STANDARDIZATION: IN YOUR OPINION, IS ITALY ALIGNED WITH OTHER COUNTRIES? Professor: Today, the easy communication and the swift means of transportation can assure to the companies to know the best technologies, anywhere they are produced. In my opinion, Italy is in a good position and I think it's perfectly aligned with other countries. The problem isn't to have the technologies, but the

problem is to have realized them: then to know them, to hold the know-how and to be always in the leader position. Professional: In a globalization situation as now, where all countries have the chance to approach to new processes and new technologies, it's important to put more power on long terms developing plans and it's also necessary to have always the maximum focus on the customer. From this point of view, I believe that Italy is in the first position with the other drawing European countries.

Elena Ghielmi LG Reggio Emilia CUSTOMER VISION IN INNOVATION MANAGEMENT Professor: I think it's important to characterize two kinds of customers: A) customer of consumer goods B) customer of instrumental goods In my opinion, the first one is the mover of Innovation Management. Market is the guide for innovation and companies create new needs with their product's innovation. This kind of customer has no perception about firm's effort to do and to manage the research: his attention is focalized on the product, only. On the contrary, the customer of instrumental goods participates in Innovation Management with his supplier: he is deeply involved in all innovation process. Professional: It's my conviction that the main goal for the companies is to assure â&#x20AC;? the best â&#x20AC;?

to the customer. In a global vision, it's no more sufficient to satisfy the customer, but it's necessary to delight him in order to have him as a customer now as in a long future. In other words, the customer has to be located in the middle of company's actions and it's important to consider the customer as a partner to optimize the dialogue, the know-how, the cooperation for a mutual benefit.

EGC - European Graduate Catalogue - still alive! Tomas Karlberg, Tomas.Karlberg@estiem.org

y the time you are reading these lines EGC has just got a new Project Leader, a Project Leader that will hopefully bring EGC to the next level of evolution. The ESTIEM European Graduate Catalogue is an online CV database where IEM students can post their CVs. Companies registered in the database have the opportunity to browse these CVs and also the possibility to add postings for internships, thesis opportunities and part or full-time jobs, to which interested students can apply for. The EGC has for sure had a rough childhood. Many IT related problems have caused setbacks for students who have been motivated to fill in their CVs. Also the situation with Europe's weak economies in the last few years has decreased the interest for recruiting from the companies' side. Nevertheless, EGC has survived its childhood and is about to enter puberty. As you all know this is the time when things start to change and big growth can come rapidly. Hopefully this is what will happen to EGC in the near future. During the winter the EGC team has arranged company users for all the different companies represented in the ESTIEM alumni network. This has resulted in an additional 75 companies registered in the EGC database. In total, there are now almost 100 companies registered in the EGC and the main focus for the new Project Leader will be to make sure that these companies use EGC.

activating your CV. Earlier this was the Local Project Responsibles duty. However, we found it not to be the appropriate way to do it, so now it is up to the CV owner to activate his own CV when it's completely filled in. The activation is done by an easy clickon a- link in the CV page. Another improvement is the automated warning system. The reason why we have implemented this system is that we want to make sure that the CVs in the database are up to date. This ensures quality for the companies involved. As you see, the EGC is still alive and an interesting future for the project lies ahead. If you want to be a part of this future, please go to www.egc.estiem.org and fill in your CV. Who knows, it might be the start of the path for your future career! On behalf of the EGC team, Tomas Karlberg Vice President Of Public Relations

Also new is the system for

InnoVISION Seminar Series Outi Jarvinen, Outi.Jarvinen@estiem.org

hat is a Vision project? The ESTIEM Vision Project is a Europe wide series of seminars organized every year. Vision Project was established in 1992 and every year it focuses on a different topic of great future impact. The topics of the Vision projects are decided in ESTIEM Council Meetings by using criteria such as a topic that is IEM-related and handles current issues. Until now, Vision Projects have focused on wide range of topics from logistics to customer relationship management and from knowledge management to risk management. The Vision seminars are organized by individual local groups. Each seminar focuses on a particular aspect of the main topic enabling students to get a wider view on the topic by visiting different seminars. Usually about 20 seminars take place each year and all the ESTIEMers are invited to every seminar. Once the seminars have taken place, the idea is to have a study tour with seminar organizers for better understanding of the real life applications of the topic. Also a publication about the main topic and individual seminars are created to give an insight on the topic for the people who could not participate in the seminars. InnoVISION Project As a result of the innovative Vision Working Group in the Council Meeting Vaasa in 2002, Innovation Management was decided to be the topic of the new VISION project. The project

was named as InnoVISION. I am Outi J채rvinen from the local group Tampere, Finland, and I was chosen to be the project leader of InnoVISION. As a big help for the project leader, a Vision team was also formed in the Council Meeting in Vaasa. The InnoVISION team is taking care of different tasks of the project. Many ESTIEM local groups have found Innovation Management as an interesting and important topic. Altogether 23 local groups all over Europe are going to organize an InnoVISION seminar! The seminars are focusing on different aspects of Innovation Management and they are taking place between September 2003 and March 2004. Innovation Management is an essential issue for many companies nowadays and it is acknowledged to be an important factor in gaining success in a business. For this period, the rapid changes in technology and business are typical and in these circumstances an important way to be successful is to innovate. Being innovative is not just having sudden inspirations and great ideas; innovations have become s y s t e m a t i c , o rg a n i z e d a n d purposeful activities and therefore innovation management is needed. Below you see the list of local groups who will organize an InnoVISION seminar. You are all very welcome to join any of these seminars! Ankara-METU Berlin Budapest

Cambridge Clausthal Eindhoven Gdansk Graz Grenoble Helsinki Ilmenau Istanbul-Bogazici Kaiserslautern Karlsruhe Reggio Emilia Skopje Sofia Tallinn Tampere Trondheim Turin Veszprem Vienn Thanks to the team, consisting of the following members: Sponsor search: Sven Marburg and Christine Lieser InnoVISION logo: Emil Tzokov & LG Sofia Design of the poster & brochures: Emil Tzokov & LG Sofia Printing:LG Sofia Design of the web site: Jim Hershkowitz Coordination Meeting: LG Berlin Evaluation: Nazli Tuzcuoglu On Behalf of the Project Team, Outi Jarvinen

VISION of Risk / Risk Management Antti Suorsa, Antti.Suorsa@estiem.org

he topic for the VISION 2002 / 2003 was decided to be Risk Management and it was named “VISION of Risk”. As the business grows more and more global, projects become a more important part of the everyday business. Also the significance of risk grows. Because of this reason companies have to take Risk Management under consideration. Risk Management is a practice with processes, methods, and tools for managing risks in a project. It provides a disciplined environment for proactive decision making to assess continuously what could go w r o n g , ( r i s k s ) determine which risks are important to deal with and implement strategies to deal with those risks. A successful risk management practice is one in which risks are continuously identified and analyzed for relative importance. Risks are mitigated, tracked, and controlled to effectively use program resources. Problems are prevented before they occur and personnel consciously focus on what could affect product quality and schedules. When business starts to realize successful risk management, there will be a cultural shift from “fire-fighting” and “crisis management” to proactive decision making that avoids problems before they arise. Anticipating what might go wrong will become a part of everyday business, and the management of risks will be as integral to program

management as problem or configuration management. If a company fails to carry out or neglects risk management, it will not have insight into what could go wrong and consequently more resources will be spent correcting problems that could have been avoided sooner. Catastrophic problems (surprises) may occur without warning (and with no recovery possible), decisions will be made without complete information or adequate knowledge of future consequences, the overall probability of successful completion of the program is reduced, and your program will always be in a crisis. In VISION of Risk there were 16 seminars organized by 20 local groups all around Europe handling different aspects of risk management and a high class final conference organized by local group Brussels. Ankara: How to make profit out of Risk? 24-29.9.02 Sofia: Implementing New Technology 1-6.10.02 Budapest: Banks, Investment, Exchange 10-13.10.02 Istanbul: Portfolio Management 11-16.10.02 Zurich: RM at Societal Change 6-9.11.02 Berlin: New Markets-Conquest of

Paradise 13-15.11.02 Karlsruhe: Developing the Future 24-26.11.02 Kaiserslautern : Calculate your vision 26-28.11.02 Darmstadt: Integrated RISK Management 28.-30.11.02 Skopje : Investing in High-risk Regions 5-8.12.02 Ilmenau: RM - Decisions in the Fog 11-12.12.02 C a m b r i d g e : R M i n Te c h . Management 10-14.1.03 Tampere: How to Manage Risk of Development and Marketing 11-16.2.03 Grenoble/Lyon: Sustainable Development 19-23.2.03 Napoli: Beyond The Knowledge 26.2.-2.3.03 Trondheim: Managing Risk to Create Value 27.2-2.3.03 Final Conference Brussels: How to expect the unexpected 23-29.3.03 Antti Suorsa

ESTIEM New Members Þebnem Kolsarýcý, Sebnem.Kolsarici@estiem.org

RCS-SA: Reggio Città degli Studi-Student Association (LG Reggio Emilia)

CS-SA was born in 1994 as a result of students' wish to join a student group of the new engineering university of Reggio Emilia. After RCS-SA was founded, its characteristics and its objectives have been fixed: RCSSA is a cultural association without profit aim, and as nothing to do with any political or religious movement. The aim of our group is to support the collaboration between students, professors and professionals; we work together to elevate the quality level of Reggio Emilia's university. We are currently about 50 members, but we are planning to involve more freshmen in a short time. The graduates are called “associates” (“aggregati”) and they are our connection to the professional world and to companies. The board is composed of: President Vice-President Treasurer Secretary The most important position is the President, who has to manage the association, to coordinate different activities and to supervise the Statute's observance. During the General Meeting, all members discuss about main subjects and they set new ideas or projects. Every time the assembly decides to enter into a new activity, a little team (4-5 people) manages the project, while other members help the group to carry out the plan. For all members, the Carrier Day's organization is very important: During these days, the 28

main companies of our area come to our university to meet and to discuss with students. And RCSSA organizes additional parties, trips and disco nights which are always really joyful opportunities to get together. Our association is a member of two international associations: EESTEC (Electrical Engineering Students' European Association) and, since one year, ESTIEM (European Students of Industrial Engineering & Management). Two members of RCS-SA keeps the contact with international associations. We are grateful to our professors because they always try to support our projects and they always believe in our capacity. Giovanni Bovi LG Reggio Emilia LG Lyon

ne of the 2 French LGs, Lyon is relatively new on the ESTIEM scene: we have only been around for 2 years and got our membership on May 3rd 2002, at approximately 10:32 German local time at the CM Munich. Lyon is an ancient city with 2000 years of history, with a reputation : it boasts a great variety of architecture, from Roman ruins to modern skyscrapers, as well as warm colored medieval houses of the “Vieux Lyon” and the Parisianstyle buildings of the “presqu'île” in the downtown area. Moreover our city is gastronomically the capital of France : you can enjoy great typical French food and wine at rather cheap prices . Lyon is also a historical stronghold of French industry, starting with the textile sector in the middle ages all the

way to the high tech industry nowadays, which explains why our university is located here. INSA (the National Institute of Applied Sciences) is one of the top “grandes écoles” (French engineering schools) and one of the biggest with about 4500 students. Our Local Group is part of the “département de génie productique”, the faculty of production engineering, which is one of the 10 faculties of the institute. Lyon: a big city in a big country, yet so few ESTIEMers… People always ask me how come a country like France with it's 60 million people and it's world-class industry has only 2 LGs, while Finland, with it's 4 million people has 5… Is it a cultural matter? I have not yet found an answer to this question, but whatever the case is, we here in Lyon are a motivated LG with 10 active members willing to make a difference. We started this year with the vision-in-france seminar w e c o - o rg a n i z e d w i t h L G Grenoble on the theme of “sustainable development from a company's perspective” and we plan to continue next year with more fun and interesting events. We hope to make our LG grow a bit more every year and moreover, along with our friends from Grenoble, we have some plans to conquer the rest of France and give our country decent representation within ESTIEM. We are hoping to have you as visitors in our city some time soon. You are more than welcome here anytime; just give us a call or e-mail us! On behalf of LG Lyon, Thomas DUPAL LR Lyon

LG SEVILLA

ho are we? We are a group of ten active members who are trying to get involved more and more into ESTIEM. I do not know why, but when you know something about ESTIEM, you can not stop to make things...The spirit of ESTIEM is always growing inside you. The members have different responsibilities: LR of LG, Finances, Activities, New Members. The Local Group of Sevilla had the first contact with ESTIEM in Budapest. We came back to Sevilla with a lot of ideas and new friends. After that, we decided to handle the Local Qualification of TIMES and the Hand-Over Board Meeting. We have developed other activities like Activity Week, and a Workshop with Altran during the year 2002. At this moment, we are working on some ideas which started to grow after the CM Vaasa: Local Group Exchanges (with Brescia and Illmenau), promoting EGC, talking with some Spanish companies, working together with Altran and decorating our new room of ESTIEM-Sevilla. And of course, I can not skip our Activity Week 2003, where we will have a lot of surprises (you can not miss that!). Sevilla is a city in the South of Spain. It has been through a fascinating history but I am going to talk about the two significant monuments: the Royal Alcazares and the Cathedral. The Royal Alcazares is the best place to visit in Spain. Abd Al RamĂĄn III in 913, ordered the construction of the Alcazar, a

fortified palace which later became the residence of various monarchs. Pedro I, "the cruel", (1350 to 1369) made significant additions to the palace which is one of the most important examples of MudĂŠjar architecture in Sevilla. The architectural style varies from the Islamic to Neoclassic. The beautiful gardens and fountains are especially worth to see. The Cathedral of Sevilla: The "Magna Hispalenses", the Seville Cathedral, is the third biggest cathedral after the Saint Peter in Rome and Saint Paul's in London. It has been constructed on the place of the biggest Almohade mosque that dated from 1172, which at her turn was built on the base of a Visigode church. Only the Patio de los Naranjos and the former Almohade Minaret, known as La Giralda, are left from the mosque. And finally , I only want to point out the weather here in Sevilla; it's always sunny and it's not windy. We like it a lot, except in summer because we can have around 40 degrees!! Sandra Redondo LR Sevilla LG SOFIA

ere you can find beautiful mountains, endless valleys, breathtaking beaches and unforgettable sunrises - all comprised in four seasons and small piece of land, situated in the very heart of the Balkan Peninsula. As it is located on the boundary point between the East and the West, it has a rich history of heroism and wisdom, leading to a unique mixture of cultures and life stiles.

After thorough survey at the map of Bulgaria you will find a town in which the serious business intersects with the seismic nightlife. This is the capital of our country and the birthplace of our Club ELDE - Sofia, a remarkable place with great past and continuously prospering presence. In Sofia, not in the centre of the town but at the foot of the Vitosha Mountain lives another town Student's town. There are 30000 young people from all over the country and a lot of foreigners driven by the quest of knowledge creates the biggest student community in Bulgaria. Over the years it became a symbol of free will, hard studying and neverending party. Twenty-five of those students currently represent what is known by you as LG Sofia. We are happy about the fact that all our members are active and that we are given the chance to be a part of an organization as ESTIEM. This is us - young, ambitious, full of energy and ideas, enraptures with ESTIEM spirit. At CM Budapest, CM Munich and CM Vaasa, we learnt the foundation of a working organisation, the building of a team, and organising the best parties. In a more and more globalized Europe, ESTIEM has given us the chance to develop our personal abilities and present our accomplishments on a European wide scale. We realised how to become responsible and competitive students, able to deal with the demands of the contemporary life in an ESTIEM manner. Maria Beron Club ELDE-Sofia

ESTIEM Agenda http://www.estiem.org

APRIL 25.4-3.5 Activity week Warsaw, Poland MAY 12-17 A c t i v i t y We e k B e r l i n i n cooperation with ESA “EU and ESA: A Joint European Space Strategy”

JUNE 6-9 Alumni meeting, Helsinki, Finland 19-22 InnoVISION Coordination Meeting, Berlin, Germany AUGUST 18-30 Summer Academy 2003, Hungary SEPTEMBER 1-13 Summer Academy 2003, Sweden end of sept. InnoVISION seminar, Skopje, Macedonia “Innovations - Competitive Advantage of the Developing Countries” 22-26 Activity Week Bremen, Germany

OCTOBER 1-8 InnoVISION seminar, Tallinn, Estonia “Access to Innovation” 6-12 InnoVISION seminar, Ankara-METU, Turkey “Technological Innovations in 4-9Production”

NOVEMBER Autumn Council Meeting 2003, Vienna, Austria

11-14 InnoVISION seminar, Gdansk, Poland “Innovations, Fashion or Necessity?”

10-14 InnoVISION seminar, Helsinki,Finland “Promoting Creativity and Innovation in Organisations”

16-19 InnoVISION seminar, Istanbul,Turkey “Innnovation Management in Marketing”

17-18 Bosch-ESTIEM Workshop (in English), Bühl, Germany

end of oct. InnoVISION seminar, Reggio Emilia, Italy “How Innovation Management Is Organized in Companies”

20-22 InnoVISION seminar, Clausthal, Germany 24-29 InnoVISION seminar, Berlin, Germany “Management of Radical Innovations” 30-6th December InnoVISION seminar, Karlsruhe & Kaiserslautern, Germany “K2K 2003”: “Strategic Innovation” (Karlsruhe) “Technology Tomorrow” (Kaiserslautern)