| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 Asia Economy


How to use our RSS feed

Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.


Finfacts is Ireland's leading business information site and you are in its business news section.


Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News


Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News




Content Management by interactivetools.com.

News : Innovation Last Updated: Sep 28, 2010 - 6:10:17 AM

O’Keeffe announces another 'top-level' group to advise on retooling shambolic Irish innovation research strategy
By Michael Hennigan, Founder and Editor of Finfacts
Sep 27, 2010 - 6:02:48 AM

Email this article
 Printer friendly page
 O ’Keeffe announces 50 jobs in financial services software firm, Sept 17, 2010. L - R: Peter Marshall, Managing Director Fi-Tek, Batt O'Keeffe TD, Minister for Enterprise, Trade and Innovation, Barry O'Leary, Chief Executive IDA Ireland.

The Minister for Enterprise, Trade and Innovation, Batt O’Keeffe today announced another 'top-level' group to draw up a plan for innovation research priorities. It's a clear recognition that the shambolic Irish research strategy is floundering and is badly in need of retooling.

Last May, O'Keefe he would 'lead the drive'to create 117,000 net new Irish jobs in innovation over the next 10 years by implementing the report of the Innovation Taskforce.

Announcing the membership of a 'high-level implementation' group of 'top industrialists' and public servants Monday, O’Keeffe described the appointments at the time as 'high-calibre and target-driven.'

The Minister himself has no business experience, never mind any exposure to innovation; most of the group were drawn from the Innovation Taskforce which published a flawed report last March, that guessed between 117,000 and 235,000 jobs could be created in the high technology and biotech sectors over the coming decade. The targets are fanciful and are extrapolated from the experience of America's Silicon Valley where a tech company has a 25% chance to survive 7 years and where the biotech industry made its first profit after 42 years, in 2008  -- the 3 biggest firms were responsible for the lion's share of the earnings.

The officially titled 'research prioritisation steering group', which will be headed by Intel Ireland’s general manager, Jim O’Hara, will identify up to 20 target areas on which the Government should focus its allocation of public funding for research and development over five years.

O’Keeffe has asked that work be completed within 12 months with an action plan for each priority area setting out specific goals over five years. He wants the group to focus on areas that will yield the best return for taxpayers’ investment in research and, ultimately, create
high-quality jobs.

Announcing the steering group today O’Keeffe said: "We want to identify research areas that can deliver the best economic dividend for our people through enterprise development and job creation. This year, the Government is investing €598m on academic and commercially focused research and development spread across all Government departments and agencies."

The total annual science budget is about €1bn.

The Minister has asked international experts who have completed similar exercises in other countries to assist the steering group.

The Government’s economic advisory agency, Forfás, will undertake the project under the guidance of the steering group.

The project will take a year to complete and identify between 10 and 20 priority areas following extensive consultation.

Finfacts said from the outset in 2006, on the announcement of plans to spend €8.3bn on Science, Technology and Innovation by 2013, that there were no specifics provided on how we were going to become a world class knowledge economy in six years and it raised the question as to how much was aspiration and if the then  minister really knew himself? The question remains unanswered.

Today's announcement is the fourth advisory body on research strategy since December 2008.

In March 2010, the Government accepted the recommendations of the Innovation Taskforce report as it provided some good headlines and the Opposition remained silent while the research establishment in the universities endorsed the bonanza of public funds.

In July, Taoiseach Brian Cowen announced the €500m Innovation Ireland Fund with the hope to win interest from US venture capital companies.

It appears the feedback on the fairytale scenario in the Innovation Taskforce report with no credible hard facts to support its case,  has not been positive.

At last, it's willing to look at the experiences and challenges in other countries.

We have been advocating this position for years.

SEE also: Finfacts article, Aug 2010; Irish Innovation: Ireland banking on the faith-based smart economy strategy

Related Articles
Related Articles

© Copyright 2010 by Finfacts.com

Top of Page

Latest Headlines
Digital Taylorism: Amazon's chief rejects depiction of "soulless, dystopian workplace"
Most surviving startups do not grow; Tiny number powers jobs engine
Despite euro dip China & US remain most competitive manufacturing nations
Business startup rates up in most OECD countries led by Australia and UK
NASA's Kepler mission has confirmed the first near-Earth-size planet
Energy subsidies at 6.5% of global GDP; Commodity prices to remain weak
US startups rely on personal savings, debt; Venture capital funds less than 1%
Europe produces 13 $1bn+ "unicorn" startups in one year; London is Europe's digital capital
Irish-based firms raised €120m in VC funding in Q1 2015; Some top recipients Irish for tax purposes
Ireland: Fourth highest 25-34 year old ratio of third-level graduates in developed world: So what?
Business dynamism/ employer firm startups in US secular decline
Innovation Union Scoreboard 2015: Sweden, Denmark, Finland and Germany are on top
Education systems failing to provide students with skills for success in 21st century
US, Switzerland, Denmark, Sweden, Finland have best higher education systems
Handbook of Service Innovation: Ireland moving up the value chain?
Switzerland revives silk industry that thrived for two centuries
Sales of Irish tech firms create 300 millionaires in 15 years and no scaleups
Apple warns of 'material' tax payments from EU's Irish tax investigation
Apple earnings surge 33% on higher price and iPhone sales jump in China
Big Pharma's internationalisation of R&D to China
The dangers of romanticising entrepreneurs despite key role
UK and Irish business R&D heavily reliant on foreign-owned firms
Silicon Valley and the development of the silicon microchip - Part 2
Ireland: Innovation with or without R&D/ scientific breakthroughs
UK government most open/ transparent in world; Ireland & Greece lowest ranking in Europe
10 questions about Switzerland's Solar Impulse aircraft – answered
Silicon Valley loses its silicon; Typical household income stagnates - Part 1
21st century skills are 18 century skills + a computer
Growing ICT sector in Europe accounts for 5% of employment
Should Ireland copy Singapore's scientific research investment plan?
Startups vs Scaleups: 4% of UK startups have 10+ employees 10 years later
Irish patent filings at European Patent Office fell in 2014
Facebook's maze of privacy settings maybe in breach of European law
Apple to invest €1.7bn in Irish and Danish data centres
Silicon Valley insider warns of dodgy $1bn valuations of private companies
Israel's Startup Nation not a jobs engine; Nor is Irish high tech
Established industries often beat new technology investment returns
Ireland: Noonan said EU to drop Apple tax case; Now expects court case
Irish R&D Tax Credit: No evidence of rising business innovation; Facts don't matter
Apple reports biggest profit of a public company in history