Looking forward: Local entrepreneurship to turn the tide and boost job creation

Kieran Moynihan of CIT says we must create conditions for more jobs, writes John Daly.

THE huge increase in the number of unemployed people has posed an era-defining challenge to Ireland, and so far we have failed to make serious headway on generating job-creation momentum that will seriously impact these figures, according to Kieran Moynihan, Entrepreneur-in-residence, Cork Institute of Technology.

“Many economists have forecast a ‘jobless recovery’ for Ireland,” he says. “I strongly believe that we simply cannot accept this as an option...”

It is widely accepted that significant levels of job creation will have to come from Irish indigenous companies, both existing SMEs and larger companies, as well as significant levels of sustainable start-up businesses, he says.

“We have an outstanding multi-national sector that punches above its weight, but even in a very strong year, the new jobs potential is in the range of 10,000 to 15,000 jobs, which is often offset by job losses as certain sectors experience market difficulties and consolidation.”

He lists four areas in particular that can support a significant step-up in entrepreneurial activity.

“Increase our focus on helping the existing small-medium business sector. I believe that we have significant numbers of 10-50-person businesses across the country that with smart focused support in areas like innovation, international market expansion and investment support, could drive significant job creation.”

The new Enterprise Ireland initiative focused on helping this SME sector is critical.

“As a technology entrepreneur supporting many HPSUs (High-Potential-Start-Ups), I fundamentally believe this sector has a critical role in our economy but significant job creation will only happen if we can support new businesses across all sectors.

“I believe as a country we have over-focused on the “smart” sector and we need to support equally well local micro-businesses and non-smart areas,” he says.

He cites the enormous opportunities in traditional areas like food and agriculture to create significant numbers of jobs.