Despite the fact that Ireland no longer has a credible banking system, and one which is failing the SME sector, some aspects of the economy remain strong. In 2010 Irish exports grew to €161 billion, 6.7 per cent higher than in 2009. While that did not result in net jobs increases, it still highlights that our country is not barren; that growth remains possible.

But how can we harness our resources of mind and land to generate innovative ideas and achieve an increase in jobs? We need the seeds of innovation to germinate in an environment that appears less than ample. If we look beyond the obvious, the ideas and their potential resources are there.

An idea that results in marketable innovation starts in the minds of people, so we need a mechanism through which ideas can be captured and converted into innovative products with a local and global market. We think of such innovations as being nurtured in enclaves dedicated to forging ideas: universities and other institutes of learning and research, or specialised divisions in companies.

But let’s think outside those centres – after all, in nature many seeds manage to grow in paths and cracks that might be overlooked while we tend to the main flowerbeds.

My own firm, Sigmoid, is an interesting case study as its origins are neither in industry or academia. The original idea – the seed – was to develop new combinations of drug-delivery technologies and products. The space where that seed has started to flourish is the intersection between centres of research, business and medicine.

We first develop product formulations and then tests lead products through collaborations with universities and hospitals in Ireland and globally. These help to sustain the idea as it grows. This has provided Sigmoid with complete flexibility to innovate without the burden of the bureaucracy that can sometimes stifle multinational or academic innovations.

When you grow in a frontier space you need to be ruthlessly efficient and resourceful to keep the innovation growing in lean times. It might not feel like an advantage in the moment but the payback is survival.

And in the business of innovation, to be successful in a globally competitive industry such as biotech or pharma requires a world-class team, and establishing the collaborations that can convert concepts into goods.

But wherever the seed germinates, the innovative process depends on having creative minds and dynamic people. By virtue of the fact that innovation starts in the mind of an individual or group, perhaps, there is too much focus on the third-level sector.

While we must support universities, colleges and institutes, there are other fertile sectors. Agri-food is one area in which some of the promise is being realised. Much more can be achieved in this and other sectors. The common element is the individual, so empowering people to test and develop ideas is the key.

As well as the logical view of sectors and business models, let’s not forget the geographical pockets that were perhaps overlooked in the boom.

I’m from Donegal where there is a sense that it’s a forgotten county. With an abundance of intelligent and creative people and valuable natural resources, Donegal can take the lead in areas such as seafood and sustainable energy. Norway, for instance, has developed a strong seafood and sustainable energy sector, mostly developed in the regions.

Donegal, and surrounding areas, have the players and potential to add significant value to the fisheries quotas. The potential of raw, wild products of marine fish, shellfish and seaweed can be mined through better collaboration between food science and catering colleges, Teagasc, Bord Iascaigh Mhara and the Marine Institute as well as Loughry College, where products can be developed, and at the UU Coleraine NICHE (Northern Ireland Centre for Food and Health) which tests products.

Our aquaculture potential is ripe for development, but the licensing system, tangled up in three Government departments, is a disgrace. In a decade when aquaculture output in Norway and Scotland increased to meet global demand, Irish output declined. Decisive political leadership must streamline the licensing.

And it’s not just food that Donegal’s Atlantic waters can offer us. With a 650km coastline and an almost constant breeze, the potential to develop sustainable energy, including wind and wave power, is significant.

There is expertise in marine engineering in Killybegs, where an outpost could be established to support both sustainable energy research and development, and growth of the fisheries sectors.

Innovation is about identifying opportunities to do new things, or to add value with what we have or imagine around us. There is no shortage of ideas or the skills throughout this island. But to realise the full potential of Irish imagination we need the right support from appropriate agencies and institutes.

With non-functioning banks, we must build on our substantial brain bank. We should evoke the teachings of the parable of the talents – avoid laziness and use what we have – and the feeding of the 5,000: less is more and make more from less.

Dr Ivan Coulter is founder and chief executive of Irish biotech company Sigmoid Pharma, based at DCU’s Invent Centre. Sigmoid is the recipient of the overall 2010 Irish Times Innovation of the Year Award