Innovation Taskforce

Frequently Asked Questions

What is innovation?

Innovation entails investment aimed at producing new knowledge and using it in various applications. It results from the interaction of a range of complementary assets which include research and development, but also software, human capital, design, marketing and new organisational structures – many of which are essential for reaping the productivity gains and efficiencies from new technologies.

Why is innovation important?

Increasing our competitiveness by reducing costs, stabilising the public finances and preparing for a global recovery, while essential, will not be enough to ensure we return to sustainable economic growth.  Increasing productivity, that is developing new ways to get a higher quality and quantity of output of goods and services from each unit of input, is the key driver of economic performance and sustainability.  Innovation, in both the production and use of ideas, technology and processes, is important in this context because it drives productivity.

We believe that Ireland’s future economic success depends on increasing levels of innovation across all aspects of Irish enterprise – including large Irish-owned multinationals, foreign multinationals located here, established SMEs in services and manufacturing, as well as start-ups and existing companies with high growth potential.

What is the vision of the Innovation Taskforce?

Our aim is that by 2020 Ireland will have a significant number of large, world leading, innovation-intensive companies, each having a global footprint, many of which are Irish headquartered and owned.  These companies will provide high quality employment and generate exports and tax receipts.  They will vary in scale, type of activity and pattern of company ownership.  What will be distinctive about these companies is that they will be ambitious, export focused and, above all, innovative.

What are the key elements of an Innovation Ecosystem?

To make innovation work for us we have to develop an ecosystem in which each element, and each interaction, supports innovation across the economy and society.  The key elements in such an ecosystem are:

  • entrepreneurs and enterprises (indigenous and foreign-owned);
  • investment in research and development;
  • the education system, in particular, higher education institutions;
  • finance, in particular risk capital;
  • the tax and regulatory environment;
  • public policy and institutions.

What are the key recommendations of the Taskforce?

The Taskforce has identified 24 Key recommendations under a number of headings including:

  • Continue and build on investment to date in research and development
  • Use public procurement to drive collaboration and develop Flagship projects
  • Further increase the availability of venture capital funding
  • Development of a national IP protocol
  • Increase the focus on innovation and creativity at all levels of the education system
  • Attract companies to open their European Headquarters in Ireland through a European Accelerator Programme
  • Consider of a range of tax measures to further incentivise start-ups and attract companies and entrepreneurs to Ireland
  • Monitor progress through the collection of data on specific metrics which measure progress in innovation and commercialisation
  • Market Ireland as an International Innovation Services Centre
  • Increase use of graduate and undergraduate placement schemes to facilitate the transfer of skills and technology transfer
  • Ensure high quality physical infrastructure,
  • Take advantage of new opportunities, including in technological convergence
  • Reform our bankruptcy laws