IBM announces Dublin-based venture centre

IBM has announced plans for a Dublin-based European Venture Capital Centre and Innovation Centre.

IBM’s has announced plans for a Dublin-based European Venture Capital Centre and Innovation Centre.

The director of the Irish Software Association Michele Quinn said: “Irish software firms stand to benefit greatly from being able to access IBM's expertise, through their Innovation Centre, and funding, through their extensive European venture capital network.

"Irish software start-ups are the future of the knowledge economy. Many have excellent technologies and competent people. Matching them up with IBM’s impressive resources will be a massive boost to the sector.”

“IBM’s expertise will enable start-ups to grow, innovate and expands their international markets at a much faster rate,” she said.

The indigenous software sector currently employs over 15,000 people in over 660 companies throughout Ireland.

It contributes €1.4bn to the Irish economy every year. The software sector employs over 30,000 people in total. Software sales account for over 14% of total exports and are worth in excess of €13bn.

The Irish indigenous software industry has the capacity to grow from employing over 15,000 people to 50,000 and deliver annual revenues of €7.5bn to the economy by 2010, according to the ISA.

The critical requirement for software firms is getting access to funding that will enable them to grow.

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