The Irish Academy of Engineering hosted a Forum on Innovating for Growth – Improving Ireland’s Innovation Ecosystem in Dublin Castle on 15th November 2019. The forum discussed in detail the 12 recommendations in the recent Academy publication.
The objective of the forum was to generate dialogue and discussion concentrating on 12 well thought out recommendations that require action as opposed to further analysis.
The forum concluded that:-
- The Irish economy is performing well but is over reliant on a narrow base of companies for productivity, exports and corporation tax.
- We need to broaden our base of companies by continuing to attract and retain foreign direct investment companies, scaling Irish companies and increasing the pipeline of start ups.
- As our tax advantage becomes less of a differentiator, talent and the innovation ecosystem become more significant in growing our economy.
- Ireland rates above the average on the EU Innovation scorecard. However we rank among the ‘Innovation Followers’. To survive and thrive we need to chart a course to becoming an ‘Innovation Leader’
- We need to invest in the productive capacity of the economy. Winning on talent is within our own control. Agreeing a funding model for higher education is a key priority. To be an innovation leader we must increase public and private investment in R&D to 2.5% of GNP.
- A sustainable competitive enterprise base is required to support a fair and just society. The academy, through this forum and debate, is keen to create a consensus where politicians and policy makers can prioritise the long term planning and investment required to support this society.
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