Innovation island key tasks for Ireland's future success

Deliver on the investment framework set out in the Strategy for Science, Technology and Innovation 2006-13 and achieve the goal in the renewed programme for government of investing 3 per cent of GDP in RD by committing to investment in an updated science strategy for the 2013-2020 period.

Development of a national intellectual property (IP) protocol as a priority, so that entrepreneurs and companies can find and access IP created at third-level colleges, in order to turn it into products and services that meet customers’ needs.

Transformation in the scale and nature of the Irish venture capital environment by attracting top-tier venture financing to Ireland so as to successfully scale innovative companies.

Ireland should nurture a portfolio of business angel funds.

Ireland can brand itself as an innovation hub, in fact and in image, through attracting the European headquarters of private US companies through a specially devised European accelerator programme.

The awarding of CAO bonus points to those taking higher-level mathematics.

Personal bankruptcy legislation needs to be reformed.

While Ireland has seen increasing uptake of broadband, accelerated progress is required. Wet laboratory space for life sciences has been identified as a deficit which must be addressed.

A number of carefully selected flagship projects should be set in train requiring the development of innovative new products and services, many of which will occur through cross-sectoral collaboration between companies.

There should be an organised programme of visits and other activities whereby Ministers, departments and State agencies convey a consistent, positive message about Ireland as a centre of excellence for innovation.

All State agencies and third-level colleges need to jointly market and brand Ireland as a leading innovation location and destination of choice for European and other overseas investors.

Proactively attract people to Ireland to start up innovative companies.

Reduce the effective corporation tax rate on “innovative activities” to 5 per cent.

Create a national database of all research and intellectual property being generated by the institutes.