Ireland’s Technological Boom
Ireland’s economy is showing signs of a resurgence and whilst the UK’s services sector is also booming, it is Ireland that is fast becoming one of the world epicentres for technology. Google, Facebook and Twitter have large headquarters located in Ireland with the latter announcing a recent expansion which will add a further 100 jobs in the Dublin area, or what is now being referred to as the Silicon Docks. Recent research shows that US investors had ploughed $22.8 billion into the Irish economy in 2012 by investing in businesses, and this figure is more than the combined total investment from the USA into France and Germany. As investments from the USA into the EU fell by 17.5%, Ireland’s increased by 1% – but is it all due to tax related reasons?
The answer to that is no. Although Ireland is well known for being a good place to invest in terms of avoiding a prohibitive level of corporation tax, there is actually far more than meets the eye in terms of overseas input and investment. More importantly, technology is at the forefront of everything and Ireland’s burgeoning technology sector is cementing itself as a global presence in this field. Technology has impacted everything in our lives, from the way we work, to how we buy, to how we administer healthcare, to how we prevent diseases, its prevalence and importance cannot be argued against.
Intel and Ireland Breakthrough
Intel recently announced the creation of the the Galileo board, which contains the Quark SoC x1000 chip. The chip will carry a “designed in Ireland” trademark. Three years of development and hardwork between Intel and IDA Ireland have resulted in what can only be described as a landmark moment for Ireland’s technology sector.
IDA Ireland chief executive Barry O’Leary, made a statement about the success of the project and what this means to Ireland on an international scale.
“The development of this chip here in Ireland shows that we can compete with any location in the world when it comes to developing and manufacturing leading technology,” he said. “This design project represents a significant coup for Ireland. This project puts Ireland in the list of top countries in the world for chip design.”
You could also say that the Silicone Docks are only good for the big businesses such as Google and Facebook, but with the amount of investment in start-up’s in Ireland it couldn’t be further from the truth. Enterprise Ireland provides investment to 15 start-up’s every year through its Competitive Start Fund, whilst other alternatives such as Launchpad have given ambitious entrepreneurs another alternative.
It is also interesting to not only see the products which are coming out of Ireland but the positive affect it is having on the economy, and the employment options available to technically gifted individuals in Ireland. Some people have complained that the migration of young Irish professionals to foreign countries is causing a ‘brain drain’ on Ireland, but evidence such as this contradicts those findings. Google currently employs 2,500 in Dublin and whilst not every one of those employees will be Irish, recruiting the best individuals in their field to train and mentor others can only be a good thing for the emerging Irish talent.