Taoiseach launches Report of the Innovation Taskforce

"Government to develop Ireland as Global Innovation Hub"

The Taoiseach, Mr. Brian Cowen T.D., today launched the Report of the Innovation Taskforce in the Science Gallery, Dublin.
He said: "I welcome the Taskforce's recommendations for making Ireland a Global Innovation Hub. It is ambitious, but I believe that it can be done. In fact, as the Taskforce point out, we have no choice but to make it happen if Ireland is to create the jobs we need."

"The Report contains many new ideas, as well as calling for a reinforcement and better alignment of existing efforts and programmes. It also poses a challenge to industry to seize the opportunities arising. I look forward to working with my colleagues in Government to take forward the Taskforce's recommendations to make Ireland a Global Innovation Hub."

The Taoiseach thanked the Taskforce members for their enormous commitment of time and effort and said that their vision will require continued support from all stakeholders to ensure that all elements of Ireland's innovation system work cohesively together.

"I am very encouraged by the level of interest in the work of the Taskforce - as demonstrated by the number of submissions they received. It shows a level of energy which we need to capture as we start implementing this Report. In fact, I know that the Taskforce's work has, by itself, already been an important stimulus to thinking and action by many organisations and individuals."

"This Report provides a roadmap for one of the five Action Areas in the Smart Economy Framework and complements the progress which has already been made on other aspects of the strategy." The Taoiseach also published a progress report today on implementation of Building Ireland's Smart Economy which is available at www.taoiseach.ie.

The Taoiseach is leaving tomorrow (Friday 12 March) to start his visit to the United States for the St. Patricks' Day period. He said "This Report will be an important part of the message I and other Ministers will be taking abroad we promote Ireland as a location for investment."

In welcoming the report, the Tánaiste, Mary Coughlan T.D., said: "Our success to date in turning investments in research and development, in
entrepreneurs, in innovative companies into world beating competitive
advantage for jobs and growth must be redoubled. Critical to this is the
removal of barriers to success and seizing the opportunities that
the Taskforce has identified."

Also welcoming the Taskforce's report, the Minister for Communications Energy and Natural Resources, Eamonn Ryan T.D., said: "This Government recognises that we need to forge a new economy; we need to stimulate and invest in ourselves. As Minister responsible for Communications, Energy and Natural Resources, I will work across Government to deliver the infrastructure we need to innovate - broadband and our energy grid. I will continue our work to ensure a secure, competitive and clean energy supply.

We need to take risks and reward new thinking. I am particularly pleased with the recommendations on bankruptcy which will be taken on by the Debt Management taskforce currently working in Government.

Government is designing the economy of the future, this plan will bring us investment and jobs into the future. We will deliver this change."
Conor Lenihan T.D., Minister for Science, Technology and Innovation said "Innovation and economic recovery are two sides of the same coin. The recommendations of this Report are about matching our intellectual capital with higher productivity".

Ends
Notes to Editors
The Innovation Taskforce was established in June 2009 to advise the Government on its strategy for positioning Ireland as an International Innovation Development Hub and to assist in making the Smart Economy a reality.

In its Report, The Taskforce sets out is vision of Ireland as a Global Innovation Hub:

- the best place in Europe to turn research and knowledge into products and services;
- the best place in Europe to start and grow an innovative company;
- the best place to relocate or expand and scale an SME; and
- the best place in Europe for research-intensive multinationals to collaborate with each other and with clusters of small companies.

The Taskforce has made recommendations across a wide range of areas including:

- transform the seed, angel and venture capital environment in Ireland
- introduce a European Accelerator Programme to attract the European HQs of fast-growing private US companies
- encourage overseas entrepreneurs to come to Ireland to start and grow their companies
- transform our Intellectual Property (IP) arrangements and make Ireland an International Innovation Services Centre (IISC)
- use Flagship projects, where public procurement will grow clusters of companies, addressing global needs, with innovative products\services for export
- the education system needs to be better connected to the needs of innovative enterprises, including bonus points for high level maths

If done successfully, the Taskforce estimates that a minimum of 117,000 new jobs could be created by 2020.

The Report will be an important part of the marketing message the Taoiseach and other Ministers will be taking abroad over St. Patrick's Day.

[Building Ireland's Smart Economy: A Framework for Sustainable Economic Renewal published by Government in December 2008 contains five Action Areas to drive productivity growth and restructure the Irish economy across all sectors - public and private. The Innovation Taskforce supports Action Area 2 in regard to developing Ireland as an International Innovation Hub.]

Copies of the full Report and an Executive Summary are available at www.innovationtaskforce.ie