Ireland ‘on track’ for global innovation hub

THE Taoiseach has said that the Government is “on track” to positioning Ireland as a global innovation hub and as the best place to start and grow innovative companies.

Mr Cowen was speaking at the launch of the second investment by the €500m Innovation Fund Ireland programme, namely a $50m (€38m) investment (via the National Pensions Reserve Fund) in leading US venture capital firm Polaris Venture Partners.

Polaris will be providing a fresh source of venture capital in Ireland through the establishment of one of its so-called Dogpatch Labs, an innovation incubation centre which typically houses up to 50 entrepreneurs working on new/early stage technology and life-science related businesses, in Dublin, the first time it has opened one outside of the US.