IS IT possible – or credible – to be positive about Ireland’s economic future? The deep morass we find ourselves in, the pitiful image of Ireland portrayed in international reports that seep back to these shores, suggests a land devoid of hope. The financial figures are stark and well reported by now.
Yet even last week, in the depths of our economic anger and despair, and as officials from the IMF and EU flew in for talks on emergency funding, Dublin played host to a disparate group of events under the Innovation Week umbrella. It served to demonstrate that, even while we were fixated on the allure of bricks and mortar, there were plenty of others still working on new and creative ideas.
Next, we need to focus on creating competitiveness and certainty. The quick fix of spiralling property prices and consumer spending based on easy credit is gone. As we overhaul our economy, the importance of nurturing a competitive environment where innovation, small business support and start-ups are at the core seems obvious.
You only need to look at the example set by Germany, one of our leading economic underwriters. Many global players drive its strong export economy, but equally important is a host of successful small and medium businesses referred to as the Mittelstand. They not only create an entrepreneurial, innovative environment at local level, but form a foundation for the larger multinationals which can access employees experienced in managing and commercialising ideas.
As Craig Barrett, Intel’s former chief executive, has stated on recent visits to Ireland, the time has come to look beyond a dependence on multinationals. We can look to them to provide the top tier of the economy, but we must develop a strong foundation of small business innovation and a culture that promotes the creation of and creativity in SMEs.
It’s time to come out from under the coat tails of multinationals. Ideally, that should have occurred during the good times, but as we prepare to rebuild, the ambition should be to create an economy that promotes and supports the sort of innovation that was on display in Dublin.
