What we do

Our CENTRIM research and knowledge exchange areas

Innovation and entrepreneurship

The entrepreneurial process includes both opportunity-seeking (i.e. exploration) and advantage-seeking (i.e. exploitation) activities to generate value and create a sustainable competitive advantage. Our research is driven by the belief that the entrepreneurial process is complex and affected by a wide range of factors and we seek to understand them as well as their complex interaction. The entrepreneurial development is seen as a wider process, going beyond the personality of the entrepreneur to include elements such as innovative business models, organisational practices and linkages and crossing boundaries with strategic partners etc. 

We advance our understanding through a series of research and enterprise projects, exploring the role of open innovation strategies in order to set-up, scale-up and grow a new enterprise (INSPIRE). The research looks also into the changes occurring in the nature of the entrepreneurial process such as the increased significance of developing agile strategies and entrepreneurship with a social or environmental mission (SPARK Social Enterprises). The role that peer learning networks can play in the formation of open strategies and their impact on the development of innovation capabilities is also one of areas where our group has a world-leading expertise (e.g. Profitnet programme). Our research explores how innovation-driven enterprises can generate value out of high-tech products and services (BRITE project with Plus X) and/or in line with the sustainable agenda (Green Growth Platform). Our research looks at empowering support programmes; a typical example is the process of innovation coaching (CoachCom 2020) adopted by the European Innovation Council.

In line with the core CENTRIM philosophy, our research also actively looks for ways to make an impact; Profitnet, an international peer-to-peer learning network has helped more than 2,000 SMEs in UK, the Republic of Ireland and the Republic of South Africa. Our research has also informed the development of innovation coaching for the flagship EU programme, the European Innovation Council Accelerator, with more than 2,000 innovative SMEs supported. More recent plans include the support of open innovation among start-ups and scale-ups in sustainable tourism (IAU project in Ghana, Kenya and South Africa), in a Greek cluster of cyclical economy and University spin-offs (Panteion University in Greece) and Prince of Songkla Science Park in Thailand.

Key Publications 

• Barrett, G. and G. Tsekouras (2022) 'A tango with a gorilla: an exploration of the microfoundations of open innovation partnerships between young innovative companies and multi-national enterprises', Technovation
• Francis, D. (2020) Exploiting Agility for Advantage: A Step-by-Step Process for Acquiring Requisite Organisational Agility, 1st ed. Berlin: De Gruyter.
• Livieratos, A. Tsekouras, G. and Vanhaverbeke, W., Aggelakis, A. (2022) 'Open Innovation in SMEs. How European SMEs place their bets?', Technovation.
• Rapetti, C., Pique, J. M., Figlioli, A. & Jasmina, B-M. (2022) 'Performance Indicators for the Evolution of Areas of Innovation: Porto Digital Case', Journal of Evolutionary Studies in Business. 7, 2, pp. 219-267.

Innovation, institutions, and ecosystems

While individual firms have traditionally been the primary focus of innovation studies, change management, and organisational development, and clearly remain as central actors in the value-creation process, an appreciation of the bigger picture is crucial. This theme explores the varied organisational contexts through which innovation and change are delivered, the broader conditions that shape their activities, and their influences on the creation of different forms of value. This follows in a long tradition of systems thinking in research on innovation, which emerged in the study of national and regional systems of innovation, and more recently with the concept of innovation ecosystems. 

The focus is on the complex interactions between multiple stakeholders and alternative configurations of institutionally-shaped rules, routines, resources, and capabilities, that together influence the innovation process and its outcomes. Our research places the concept of value centre stage, considering not only financial, but also political, social, and environmental forms of value, and the alignment, or otherwise, between them. It highlights the tensions involved and the frequently uneven nature of change and innovation, the costs and benefits of which are socially, geographically, and temporally varied.

Our research is driven by the core CENTRIM ethos of 'closing the loop' between theory and practice. As such, it emphasises dialogue with practitioners, policy-makers, and stakeholders in the design, implementation, and outcomes of our research, and seeks to effect positive, sustainable, and equitable change through a range of direct interventions.

Key Publications 

• Bresnen, M., Lennie, S.-J. and Marshall, N. (2022) ‘Relational procurement: Translating lessons learned from large infrastructural projects’. In: Bonner, A. (ed.) COVID-19 and Social Determinants of Health: Wicked Issues and Relationalism. Bristol: Policy Press.
• Harder M.K., Dike F.O., Firoozmand F., Bouvrie N., Masika R.J., (2021) 'Are those really transformative learning outcomes? Validating the relevance of a reliable process.' Journal of Cleaner Production 285, 125343.
• Pique, J.M., Figlioli, A., Miralles, F., and Berbegal-Mirabent, J. (2021) ‘The role of modern urban science parks in developing entrepreneurship and innovation ecosystems’. In Handbook of Research on Business and Technology Incubation and Acceleration, Mian, S., Klofsten, M. and Lamine, W. (eds.), 140–59. Cheltenham: Edward Elgar Publishing. 
• Rush, H., Marshall, N., Bessant, J., Ramalingam, B., (2021) ‘Applying an ecosystems approach to humanitarian innovation.’ Technological Forecasting and Social Change 165, 120529.
• Engel, J.S. and Figlioli, A., (2022) ‘Global Cluster of Innovation theory and practice in the 21st century: COI Behaviors’ in Clusters of Innovation in the Age of Disruption (pp. 35-80). Edward Elgar Publishing.

Finance in the business world

Through the lens of financial-economics, we are interested in the effectiveness and efficiency of capital markets in providing funding, pricing assets and mitigating risk.  With respect to the funding of Small Medium Enterprises (SMEs), we are concerned in how access to capital markets and promote economic growth. Along with alternative sources of capital, we are interested in different models of capital structure including minimal leverage as well as how risks may be shared among distinct stakeholders.  Even the largest Multinational Corporations began small; hence appreciating the role of SMEs as sources of growth and productivity in the UK economy is critical. 

As evidenced through academic publications, policy and conference papers, our research on financial stability looks at establishing new stock market liquidity measures that can capture and measure the financial stability of companies and stock exchanges globally. For example, we have established new liquidity price impact ratios that are used by the Central Banks to measure financial stability.  As well, the informational efficiency of asset pricing and the efficacy of risk mitigation, has been a recurring theme.  In the energy, natural resource and financial services sectors, our focus is upon the application of financial/economic theory with particular emphasis upon policy design, allocative efficiency and social equity.

Our research on asset pricing focuses upon developing new financial models to predict equity market returns. We are investigating how the feed-back effect of investor impacts returns. Through our research in using financial markets to calibrate and bench-mark common accounting metrics, we hope to shed-light upon heretofore opaque metrics.  Such research is both innovative and potentially ground breaking. This area of study is of great importance to investment banks, financial analysts, investors and financial regulators.

Finally, we have developed the worlds’ first financial ratings model for Cyrptocurrencies based on asset pricing theory using Artificial Intelligence and Machine Learning. Our research in this area has informed parliament and the EU Cryptocurrency Task Force established for financial regulation. 

Key Publications 

• Al Mabsali, Y.K., Hayward, R. and Eliwa, Y., 2021. Managerial tools used to meet or beat analyst forecasts: Evidence from the UK. Journal of International Accounting, Auditing and Taxation, 43, p.100383.
• Haar, L. and Gregoriou, A., 2021. Risk management and market conditions. International Review of Financial Analysis, 78, p.101959.
• Gregoriou, A., Nguyen, B.D., Nguyen, T.D., Le, H. and Hudson, R., 2021. Economic policy uncertainty and cross-border mergers and acquisitions. International Review of Financial Analysis, 78, p.101911.
• Gofran, R.Z., Gregoriou, A. and Haar, L., 2022. Impact of Coronavirus on liquidity in financial markets. Journal of International Financial Markets, Institutions and Money, 78, p.101561.

Sustainable development in local economies

This area has been established as a unifying context reflective of our intellectual excellence and impactful research, consultancy and scholarship in international development, entrepreneurship, trade, finance for development, environmental and energy economics, and sustainable tourism development, through which we add value to policy and practice.

Our research addresses challenges and opportunities associated with sustainability, in relation to interventions in local economies, be these in the proximity of our university or in international contexts. We are particularly (but not exclusively) interested in research and knowledge exchange on: global value chains; local, regional, national and international development policies and practices; trade and environmental behaviour of firms; finance for development; migration and employment; circular and blue economy; energy markets; community-based entrepreneurship, sustainable supply chains, and, sustainable tourism policies and practices. We also engage in interdisciplinary research in areas such as international business, market trends and regional and area studies. 

Over the past 20 years, we have worked within sustainable development as an open and multi-disciplinary group of researchers collaborating with a global network of academics, practitioners and organisations. We have undertaken critical research and provided expert advice to development agencies, governments’ ministries, private and third sector organisations at local, national and international levels.

Key Publications

• Kotsialou, G., Kuralbayeva, K. and Laing, T., 2022. Blockchain’s potential in forest offsets, the voluntary carbon markets and REDD+. Environmental Conservation, pp.1-9.
• Hook, A. and Laing, T., 2022. The politics and performativity of REDD+ reference levels: Examining the Guyana-Norway agreement and its implications for ‘offsetting’ towards ‘net zero’. Environmental Science & Policy, 132, pp.171-180.
• Qiu, H., Wang, X., Wu, M. Y., Wei, W., Morrison, A. M., and Kelly, C. 2022. 'The effect of destination source credibility on tourist environmentally responsible behaviour: an application of stimulus-organism-response theory.' Journal of Sustainable Tourism, 1-21.
• Mohan, S., 2021. 'Non-tariff measures a trade barrier for developing countries’ agricultural processed products exports.' Public Enterprise, 25(1-2), pp.1-17.
• Novelli, M., Adu-Ampong, E.A., and Ribeiro, M.A. Eds. 2020 Handbook on Tourism in Africa, African Studies Series, Oxford: Routledge.

Our research and knowledge exchange, its impact and who we work with

Our portfolio of outputs and engagements include academic research publication, academic and industry conference and forum keynotes and presentations, in-house and external seminars and events, policy and industry reports, face-to-face and virtual training and capacity building material and a number of other creative outputs employing visual methods such as short films and documentaries. 

Funding

Our funding comes from a diverse range of organisations including 

• International Development Agencies and Independent non-profit organisations – for example, The World Bank, UNESCO, UNIDO, UNWTO, Millennium Challenges Corporation, The EU, European Parliament, UNICEF, International Federation of Red Cross and the Climate &Land Use Alliance, British Council, Commonwealth Secretariat
• UK Research Councils – for example, ESRC, EPSRC, AHRC
• International and National Government Institutions – for example, DFID, BEIS and the IPAin UK, Ministries, Regional and Local Development Agencies
• Commercial organisations – e.g. Barclays Bank, Cisco Systems, Network Rail, Airbnb

Impact

Innovation and entrepreneurship drives progress. It is a major force in business, the economy and society. Discovering new, smarter, quicker solutions is vital to improving our efficiency, profitability and sustainability. The challenge we face is to manage and implement changes effectively.

Over more than 30 years, we have gained an international reputation for our contribution to ‘closing the loop’ between academia and industry through the practical application of our academic research programmes in the fields of innovation, entrepreneurship and change management.

Examples of impact include the following:

• Our researchers have investigated peer-to-peer learning and generated in-depth knowledge about successful networks. The resulting Profitnet programme has worked with the leaders from over 1,000 businesses in the last ten years, influencing performance and affecting the working lives of around 15,000 employees in the UK, Ireland and South Africa. 
• Our research identified the company characteristics, mindsets and skills which contribute to successful innovation. The research provided the core body of knowledge used by the Managing Innovation training programme that has been accessed by more than 10,000 managers worldwide.
• Our work has helped over 1,000 small-to-medium-sized businesses to improve their performance through peer-to-peer networks. Our managing innovation course has been attended by over 10,000 worldwide. Through our work, a new UN-sponsored organisation has been set up to addresses weaknesses in the field of humanitarian relief.
• CENTRIM was a major partner in three research grants from the EU programme which have researched the system of coaching for business innovation in Small and Medium-sized Enterprises. The projects have developed a range of tools to allow business innovation coaches to interact creatively with their clients and foster the development of innovation processes within the SME to serve its strategic objectives. More than 4,000 SMEs have benefited to date from the coaching services in the SME Instrument programme.
• Professor Novelli coordinated research that led to the delivery of Airbnb Whitepaper calling for policy interventions at national level to regulate the short-term rental market in the UK, currently being implemented by the UK Parliament.
• CENTRIM co-led the British Council – Innovation for African Universities project with Strathmore University (Kenya) and worked with partners from Kenya, Ghana and South Africa on a project aimed at Accelerating entrepreneurship for sustainable tourism development in Africa. Capacity building through knowledge exchange, mentorship, and coaching using our INSPIRE methodology led to the co-creation of a youth-centred ecosystem and virtual Innovation Hub as well as improved business skills for 45 students. 

The impact of our work has been evidenced in the Research Excellence Framework Impact Case Studies for REF2014 and REF2021:

• Profitnet programme, submitted to Business and Management Studies REF2014
• Redesigning tourism policy and practices in Africa, submitted to Sport and Exercise Sciences, Leisure and Tourism REF2014
• Transforming tourism policy, industry practices and community engagement for sustainable development in Africa and Europe, submitted to Sport and Exercise Sciences, Leisure and Tourism REF2021
• Establishing innovation support networks for SMEs to drive clean and green growth, Business and Management Studies, REF2021

Who we work with 

Academic partnerships include: 

SPRU at University of Sussex, UK; Bartlett School of Construction & Project Management, UCL, UK; Centre for Accounting and Society, Business School, University of Edinburgh, UK; Centre for Business Performance, Cranfield School of Management, UK; CIRCLE, University of Lund, Sweden; Copenhagen Business School, Denmark; Corvinus University of Budapest, Hungary; Eindhoven University of Technology, The Netherlands; Engineering and the Environment at the University of Southampton, UK; ESADE Ramon Llull University, Spain; HES-SO University of Applied Sciences and Arts, Switzerland; Institute for Employment Studies, UK; Manchester Institute of Innovation Research at the University of Manchester, UK; National Technical University of Athens, Greece; Politecnico di Milano (Polytechnic of Milan), Italy; Risk Institute at the University of Hull, UK; Saïd Business School, Oxford University, UK; School of Business and Management in Lappeenranta University of Technology, Finland; School of Management at the University of Bath, UK; School of Mechanical, Aerospace and Civil Engineering, University of Manchester, UK; Technical University of Munich, Germany; Università Commerciale Luigi Bocconi, Italy; University of Otto von Guericke University Magdeburg, Germany; University of Gothenburg, Sweden; ZEW (Centre for European Economic Research), Germany  

Large corporations include: 

Abbott Laboratories, UK; Barclays Bank, UK; Cisco Systems, USA; Citibank, USA; Deloitte Economics and Strategy Group, UK; IBM, USA; Medtronic, UK

Small and medium enterprise partnerships

We have worked with more than 6,000 SMEs in UK and abroad directly or through their support organisations, including:

De Punt, Belgium; Gray Dot Catalysts, UK;  The University of Brighton's Green Growth Project, UK; Innovayt, Denmark; KiNNO, Greece; Lithuanian Innovation Centre (LIC), Lithuania; Moore Stevens LLP, UK; Oppidoc, France; PlatInn, Switzerland; The University of Brighton’s Profitnet and Profitnet Plus Programme, UK; Local Enterprise Office, Republic of Ireland; Seinwezen in the Netherlands; Scottish Enterprise in UK; SME Instrument programme, EU; Strategy Dynamic Limited, UK; Verhaert, Belgium; British Infrastructure and Projects Authority, UK; Department for Business Energy Innovation and Science, UK; European Commission, Belgium; European Executive Agency for SMEs (EASME); Lewes District Council, UK; Ministry of Defence, UK; Science and Technology Facilities Council (STFC), UK; West Sussex County Council, UK. 

Policy authorities and research councils

Arts and Humanities Research Council (AHRC), UK; British Infrastructure and Projects Authority, UK; Department for Business Energy Innovation and Science, UK; Economic and Social Research Council (ESRC), UK; European Commission, Belgium; European Executive Agency for SMEs (EASME); Lewes District Council, UK; Ministry of Defence, UK; Science and Technology Facilities Council (STFC), UK; West Sussex County Council, UK. 

We also work together with a number of NGOs such as:

Association for Project Management (APM), UK; Center for Global Development, USA; Climate and Land Use Alliance, USA; European Crowdfunding Network, Belgium; International Federation of Red Cross, Switzerland; Project Management Institute (PMI), UK; Red Crescent network, Switzerland; TII, Technology Innovation International, Luxembourg; UNESCO, France.

Our research output from CENTRIM

Details of research publications and other outputs fostered by the centre and achieved by its members, along with funded projects delivered by the centre, can be accessed on the Centre for Change, Entrepreneurship and Innovation Management (CENTRIM)'s database of research.

• Visit the CENTRIM overview page on our database
• Visit the record of our research publications and other outputs
• Visit the record of our funded projects