Ireland as a knowledge economy: 'The Innovation Island’ |
The Irish Government recently published “The First Report on the Strategy for Science, Technology and Innovation”. The strategy aims to further elevate Ireland’s status among the elite as an attractive location to do business. The strategy is based on a vision of placing Ireland firmly on the global map in terms of the excellence of our research and its application for the benefit of society. The report shows that growth in research activity in third level institutions is paralleled by equally dynamic growth in business sector
Research and Development (“R&D”).
The Irish Government’s commitment to implementing the strategy for Science, Technology and Innovation (STI) was demonstrated in Budget 2009 whereby they provided €265 million for overall capital funding in third level institutions, €135 million to enable Enterprise Ireland to assist R&D intensive companies and €179 million to Science Foundation Ireland to support R&D.
The above commitment by the Irish Government was again reiterated on 18 December 2008, when it launched a report entitled “Building Ireland’s Smart Economy: A Framework for Sustainable Economic Renewal”. Just as Ireland fashioned itself to become the destination of choice for multinational enterprises, the vision is to establish Ireland as ‘The Innovation Island’ by creating an exemplary research, innovation
and commercialisation economic environment through:
- Continued substantial investment in science and technology infrastructure and research, including the highly incentivising R&D tax regime and incentives relating to intellectual property
- A substantial investment in early stage venture capital including the introduction of a favourable tax regime
- Attracting key researchers and highly skilled staff through fast track visa arrangements and eligibility for long term residency
- Encouraging high quality mobile entrepreneurs to set up businesses in Ireland by offering favourable tax regimes
- Provision of a range of financial supports from the Industrial Development Authority (IDA) to companies such as RDI grants, employment grants and capital grants.
The above together with the commitment by the Irish Government to establish Ireland as ‘The Innovation Island’ are certain to make Ireland the world’s leading location for business innovation.
Ireland as a knowledge economy: 'The Innovation Island’
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