Oracle Innovation: Students @ Venture Capital
Sergio GIACOLETTO, Executive Vice President, Oracle EMEA
Bucharest, July 9, 2008
“Oracle Innovation programme intends to bring together universities, venture capitalists, the Junior Achievement, the Young Enterprise Association and to put in place a formal process to help students to formulate ideas in a way that they can become business plans. We can help to train them and then we can help them to find the money,” said Sergio GIACOLETTO. He added that Oracle is now the largest employer of ICT skill in Romania, employing 1300 people in areas like technical support, consulting, product support and product development in the Oracle Center in Bucharest, opened in 2004. The Innovation program is the next phase of investments by Oracle in Romania.
“The initial wave of foreign investment in CEE countries has created, of course, jobs, but it has not necessarily helped to create local entrepreneurs and to create local companies which are needed on the long term for the success of the country. In the long term, low cost is not a sustainable competitive advantage. It is important to create more value added and to have a right balance of foreign direct investment and locally created investment.”
Oracle Corp. had USD22bn revenue with a 28% yoy growth in the financial year ended May 2008. The company is reinvesting about 12% of its revenues in R&D, USD2.6bn, in areas like technology infrastructure, databases and security. Besides internal innovation through its own R&D, Oracle created external channels of innovation through partnerships with companies in 149 countries. The “Innovation” initiative launched in Romania on July 9 is part of this dual innovation strategy of Oracle.