Minister Conor Lenihan Launches Science, Technology and Innovation Report ‘Delivering the Smart Economy’
“Strategic investment in R&D is key to economic recovery” - Lenihan
Mr. Conor Lenihan T.D., Minister for Science, Technology and Innovation today (Thursday 22nd October 2009) launched the Science, Technology and Innovation (STI) Report ‘Delivering the Smart Economy’. “This report sets out our achievements to date under our Science Strategy and how investment has resulted in significant jobs growth at locations around the country” The Minister said.
This Report follows the first report on the implementation of the Strategy for Science, Technology and Innovation (SSTI). The strategy is an integrated whole-of-government approach aimed at transforming Ireland into a competitive knowledge economy. Eight Government Departments, advisory bodies, state agencies and higher education institutions have worked together to successfully implement the strategy. Total Research and Development (R&D) spending has almost trebled over 10 years. Total R&D spending across all sectors of the economy, public and private, – is estimated to have climbed to €2.6 billion in 2008, which is equivalent to 1.66% of the Gross National Product (GNP).
Launching the STI Report, Minister Lenihan said “This report together with the findings of the Business Expenditure on Research and Development (BERD) survey for 2007 and 2008, confirms that substantial progress has been made in achieving the objective of making the transition to a knowledge economy.
“Ireland has a unique environment that encourages linkage and convergence between all the participants in a collaborative research landscape. Government Departments, funding agencies, regulatory authorities, academia and industry are all interconnected creating a dynamic research environment,” the Minister added.
The Renewed Programme for Government recognises the importance of productive public investment in R&D and sets a target of achieving a national R&D investment target of 3% of GDP. The significant infrastructure investment underpinning the SSTI over the period to 2013 is central to economic recovery. The commercialisation of research investment and the generation of a strong reputation for higher education and research, as well as output of quality graduates at both undergraduate and postgraduate levels, will allow for a sustainable enterprise base underpinned by productive innovation activity across the economy.
The Minister continued, “Strong progress is being made in implementing the key actions in the SSTI. We are building strong linkages to ensure commercialisation of an increased flow of new ideas and knowledge to produce innovative products and services that will win export markets and create much needed sustainable employment.”
Also in attendance was Mr. Carl Jackson, Chief Executive Officer at sensL. This company is supported by Enterprise Ireland, with an investment of just over €500,000 to assist the them to perform vital R&D and win international contracts and EU funding. In addition sensL has received venture capital support from Delta Partners. Mr. Jackson said, “Government support of companies like sensL is vital to the creation of the next generation start-ups that are developing hi-tech products sought after by international renowned groups like Stanford University and the European Space Agency. Through Enterprise Ireland, we have been able to adapt our low light technology for use beyond the medial technology sphere. sensL is currently developing solutions in the radiation detection arena for Homeland Security as-well as the European Space Agency that will enable the automated landing of spacecraft for future Mars missions”.
Minister Lenihan concluded, “These are real positive indicators that will be built upon to sustain progress in the current difficult financial situation. The development of the “smart” or innovation-based economy is the key challenge facing Ireland, all the more so as we lay the ground for economic recovery. The low corporation tax base / highly educated workforce combination are no longer sufficient in themselves to sustain our future. Our enterprise and investment landscape must continually transform itself to stay competitive. And today the model we strive for is the Smart Economy built on the dual strengths of our innovation and entrepreneurship.”
(This press release is also available on the Departments website at www.entemp.ie)