Innovation Task Force on The Framework for Sustainable Economic ...

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VERIFICATION AMERICAN CHAMBER OF COMMERCE COMPETITIVENESS Reflecting on the mandate of the <strong>Innovation</strong> <strong>Task</strong> <strong>Force</strong>, the American Chamber of Commerce Ireland request the verification and testing of all recommendations with a representative panel of multinational and indigenous export-focused industry. This will increase the likelihood that policy or resource allocation decisions taken on foot of its deliberations quickly have the desired positive impact. It is important that the core value propositions within Ireland’s innovation strategy have international business credibility in terms of cost-base, excellence and uniqueness. COST-BASE Cost competitiveness is a key test for Ireland’s offering and is a minimum basic condition for any investment. Assumptions being made on Ireland’s competitiveness, credibility and uniqueness must be systematically benchmarked and validated with the multinational companies that make up the international business community in Ireland. Any incentives being proposed to stimulate investment in target areas must demonstrate a truly compelling business proposition, i.e. the incentive must strengthen the return on investment (ROI) of the investment and not used to mitigate an unsustainable cost base. EXCELLENCE Ireland’s capability to differentiate itself will be founded upon areas of scientific, operational and business excellence that are genuinely recognised internationally. The Strategy for Science, Technology and <strong>Innovation</strong> (2007) has successfully transformed our economic aspiration to develop a credible base, in a global context, of research and innovation. To complete this transformation it is a
easonable expectation that we should now begin to articulate the gain we expect from the investment in terms of how it will transform the industrial base. That base must be increasingly acknowledged as innovative, as well as being knowledge/skills intensive to gain worldwide attention for the; • Unique global competence that Ireland is building, • Expected effect of the new human capital in attracting new investment, • Number of new start-up companies in new areas of competence, • Increasing investment of multinationals in sustainable research, • Number of venture or spin-out/in activity associated with the research. UNIQUENESS The uniqueness of Ireland’s offering will depend on the international appreciation that Ireland has available and/or underutilised resources that present the opportunity to sustain its SMART economy ambitions. These include the availability of skills, infrastructure, natural resources, the commitment of the State and established industrial, scientific and business networks to support the scale of that ambition. AMERICAN CHAMBER OF COMMERCE
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