€13.6 BILLION ENTERPRISE SPEND

Ireland has witnessed unprecendented economic and social progress. Now the challenge is to consolidate and sustain these achievements through investment, writes Niamh Mac Sweeney.

The launch of the €184 billion National Development Plan 2007-2013 (NDP) is the largest and most ambitious investment programme ever proposed for Ireland. Entitled ‘Transforming Ireland - A Better Quality of Life for All,’ this new seven year plan is a major milestone and exemplifies sustainable economic growth, greater social inclusion and regional development for the whole island of Ireland.

Mapping The Future

Setting out the roadmap to Ireland’s future, the new plan encapsulates what the Government is planning to achieve over the next seven years. Its main objective is to transform Ireland and to deliver a better quality of life for everybody.

With a €20 billion investment in enterprise, science and innovation programmes it is hoped that this funding will create value-added high quality jobs and encourage intensive knowledge based research and development. PhD graduates will double during the seven years and therefore R&D capabilities are crucially important if Ireland is to retain and attract foreign investment.

The development of our own indigenous companies, including those capable of becoming world leaders will also be supported under the plan. The investment will also underpin the modernisation of the agriculture sector, development of the tourism industry and support the rural economy.

Benefits For Entrepreneurs

There are certain critical factors required to ensure a good level of entrepreneurial activity in Ireland including access to appropriate levels of finance, good infrastructure supports and the development of strong links between the research community and business sectors.

The Minister for Enterprise, Trade and Employment Michael Martin, T.D explains, “the NDP will be critical in ensuring these entrepreneurship enablers are in place. To this end, indigenous enterprise, supported by Enterprise Ireland and the County and City Enterprise Boards, will enjoy Government investment of almost €1.7 billion over the plan period. Part of that investment will focus on the development of high-potential startup companies by Enterprise Ireland and the support of micro enterprises by the CEBs. It should be noted that this will be in the context of other complementary Government initiatives.” He added, “access to finance is consistently set out as the single biggest issue for budding and developing entrepreneurs. The investment allocated under the NDP will be essential to continue driving flows of cadres of innovation-led, high value start-ups over the course of the plan.”

The Minister pointed to a number of recent initiatives, which he says, will also help complement these activities. “Significant changes have been announced with regard to the BES and Seed Capital thresholds. The Government has committed through EI to invest €175m under the Seed and Venture Capital Scheme 2007-2012 in line with the Government’s ESG Action Plan. This funding will be significant in facilitating the continued development of a vibrant venture capital marketing Ireland,” the Minister said.

Research And Development

The Enterprise Science, Technology and Innovation (STI) Sub-Programme will invest €1.3 billion under the NDP to promote the optimal use of STI in Irish enterprise. One of the key measures is realising the commercial potential of Ireland’s research community. According to Minister Martin technologies developed as part of academic research will be identified, protected and commercialised through an active managed process with EI working in close collaboration with academic institutions.

MINISTER MARTIN COMMENTS ON ENTREPRENEURSHIP

What will the investment to enterprise and development be and how will this benefit emerging and established entrepreneurs? Minister for Enterprise, Trade and Employment Michael Martin, T.D The development and sustained growth of Irishowned companies will be the foundation on which future regional and national prosperity will be based. In an increasingly competitive world, a greater proportion of the country’s wealth creation will, in future, have to be generated by indigenous companies with the potential to grow and to conquer international markets. In order to compete successfully in global markets in a range of high value sub- sectors, Irish-owned business must grow and develop to their full potential. To this end, indigenous enterprise, supported by Enterprise Ireland and the County and City Enterprise Boards, will enjoy Government investment of almost €1.7 billion over the Plan period. This investment will cover a range of areas such as the development of High Potential Start-Ups and growth orientated companies, increasing competitiveness and productivity, developing management and international sales capabilities; ensuring access to appropriate levels of access to equity and finance throughout all stages of a company’s lifecycle and supporting entrepreneurship and micro-enterprise.