117,000 smart economy jobs promised in plan

UP to 117,000 jobs have been promised before 2020 under the Government’s ambitious plan to create a so-called smart economy.

A special group made up of business people, academics and civil servants was established yesterday to work on implementing recommendations made in the Innovation Taskforce report published in March.

The report outlines options for Government on how to increase innovation and entrepreneurship and to ensure that investment in science, technology and research translates into high-value jobs and sustainable economic growth.

Among the recommendations they will consider are:

* Prioritising maths in the education system, including introducing bonus CAO points in the Leaving Cert.

* Diversification of revenue streams for third-level institutions, such as greater commercialisation of research and possibly tuition fees.

* The establishment of a €500 million Innovation Fund Ireland to attract international venture capital.

* Major investment to ensure universal high speed broadband in Ireland.

* Change bankruptcy laws.

* Senior civil servants taking placements in major firms in order to get practical experience of business.

The process was first announced in June 2009, and the slow pace has been criticised by business leaders, who said Ireland risks missing out on opportunities.

Taoiseach Brian Cowen, said the group “will have my strong support in driving implementation”.

“I have asked my ministerial colleagues to prioritise the implementation of recommendations from the taskforce report for which they are responsible.”

Enterprise Minister Batt O’Keeffe said: “The committee will first review the state of play on each recommendation to determine where immediate implementation is possible.

“Other recommendations will need close engagement with agencies and government departments to move the implementation process on.”