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Thread: Irish startup entrepreneurs the key to long term prosperity?

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    Default Irish startup entrepreneurs the key to long term prosperity?

    The long term prosperity of the Irish economy probably needs new engines of growth to supplement the Celtic Tiger economic drivers,ie US multinational investment,real estate development and speculation and Dublin's IFSC, any or all of which could experience a sharp downturn. It is interesting to speculate what those new engines might be.

    For example,contacts developed in IFSC services could boost growth of related financial services in investment management, investment banking and venture capital. While most of this business is the preserve of major financial centres like London and New York with their massive specialist departments,even the business left over for the small fry in smaller financial centres is lucrative.

    The knowledge economy is the government's official favourite for generating future prosperity,yet the government refuses to fund first class science facilites necessary to make that a reality. Worse,it prevents universities from doing so with the ban on third level fees. Promises of third level education funding under the National Development Plan ring hollow: if government funding will be so great in the future,why is it so inadequate today that universities give most places in medicine to foreign students who pay high fees?

    A likely engine of growth could be Irish start-up entrepreneurs.If the easy pickings in property were to disappear in a property price decline,many Irish entrepreneurs would be forced to give their attention to other industries and services and the banks would then be more willing to extend finance to businesses besides property.

    Governments can play an important role in supporting start-ups. According to the August 22nd Financial Times article on venture capital "Public sector urged to nurture newcomers":

    "Instead of...investing in companies that are established,they should make more funds available to companies at the earliest stages of their lives...

    "Rather than trying to fill a perceived "funding gap" for companies of a certain size,public sector funds should be spent on encouraging entrepreneurs to make their first steps in business.

    "...It should be about investing at a much more early stage in proof of concept grant funding...

    "...the US Small Business Innovation Research Programme forces US government agencies to invest 2.5 per cent of their research and development budgets on contracts or grants to small companies.

    "Helped by public sector funds such as Scottish Enterprise, Scotland has 3.6 venture-capital-backed companies per 100 people,against just 2.8 for England."

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    Afaik, there's already an infrastructure in place to help start-ups. There's County Enterprise Boards, Enterprise Ireland, Shannon Development, Udarás na Gaeltachta, R&D voucher scheme, the Digital Hub, the Business Expansion Scheme and so on which are their to assist in the foundation of new companies.
    Private profit for public gain!

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    Quote Originally Posted by Ard-Taoiseach
    Afaik, there's already an infrastructure in place to help start-ups. There's County Enterprise Boards, Enterprise Ireland, Shannon Development, Udarás na Gaeltachta, R&D voucher scheme, the Digital Hub, the Business Expansion Scheme and so on which are their to assist in the foundation of new companies.
    Enterprise Ireland is the only agency that really matters.

    County Enterprise Boards are a joke. They're basically run by political appointees whose primary objective seems to involve having their photograph taken every couple of weeks looking over the shoulder of someone working on a laptop that isn't switched on.
    The only way to change the world is to win elections.

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    Quote Originally Posted by qtman
    Quote Originally Posted by Ard-Taoiseach
    Afaik, there's already an infrastructure in place to help start-ups. There's County Enterprise Boards, Enterprise Ireland, Shannon Development, Udarás na Gaeltachta, R&D voucher scheme, the Digital Hub, the Business Expansion Scheme and so on which are their to assist in the foundation of new companies.
    Enterprise Ireland is the only agency that really matters.

    .
    its not hard to disagree with you there, but there are other important systems in place to allow start-ups to flourish, like the Business Expansion Scheme.
    Private profit for public gain!

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    With the death of the property market as an investment deposit, we could see some money being directed in areas that are productive.

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    Quote Originally Posted by Kf
    With the death of the property market as an investment deposit, we could see some money being directed in areas that are productive.
    It certainly makes it more likely, but make no mistake, we don't have some of the highest home-ownership rates in Europe for nothing. Property is in our veins, our very DNA, we won't be divorcing it lightly or quickly, we have invested €5 billion in overseas commercial property since the start of the year, you know.
    Private profit for public gain!

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    Another key thing is to help small but established companies to scale up and work towards internationalization.
    The political establishment lacks both vision and courage.

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    Quote Originally Posted by Ard-Taoiseach
    Quote Originally Posted by Kf
    With the death of the property market as an investment deposit, we could see some money being directed in areas that are productive.
    It certainly makes it more likely, but make no mistake, we don't have some of the highest home-ownership rates in Europe for nothing. Property is in our veins, our very DNA, we won't be divorcing it lightly or quickly, we have invested €5 billion in overseas commercial property since the start of the year, you know.
    That I didn't know - astonishing figure.

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    Quote Originally Posted by Kf
    Quote Originally Posted by Ard-Taoiseach
    Quote Originally Posted by Kf
    With the death of the property market as an investment deposit, we could see some money being directed in areas that are productive.
    It certainly makes it more likely, but make no mistake, we don't have some of the highest home-ownership rates in Europe for nothing. Property is in our veins, our very DNA, we won't be divorcing it lightly or quickly, we have invested €5 billion in overseas commercial property since the start of the year, you know.
    That I didn't know - astonishing figure.
    Yep. here's the link: http://www.independent.ie/business/i...y-1048035.html
    Private profit for public gain!

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    Quote Originally Posted by Ard-Taoiseach
    Afaik, there's already an infrastructure in place to help start-ups. There's County Enterprise Boards, Enterprise Ireland, Shannon Development, Udarás na Gaeltachta, R&D voucher scheme, the Digital Hub, the Business Expansion Scheme and so on which are their to assist in the foundation of new companies.
    Sometimes you sound like a robot programmed by Fianna Fail. Do you ever think that perhaps any of the mechanisms of state could be approved or would that be offensive to the memory of Charlie and Dev?
    The future saviour of the Irish Economy: Charles Darwin

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