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

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AMERICAN CHAMBER OF COMMERCE INDUSTRY STRATEGY The American Chamber believes strongly that the creation of new enterprise focused on Market and Technology Convergence is a significant opportunity for the established industrial base in Ireland. Furthermore, to rapidly create new exporters of scale in terms of employment, it is necessary to engage multinationals to generate new companies that can focus on convergent solutions for existing and new markets. These New Companies would be of Global Scale, Ireland Based, and leverage the IP/Technologies, resources and collective assets of the State and its institutions, the indigenous entrepreneurial base and the pool of multinational companies in established industrial clusters. The successful introduction of collaborative research programs under the SFI CSET program serves as a good foundation new enterprise creation. It is now recognised that the path to Commercialisation for those Research Programs requires new applied research infrastructure and significant resources. There are a significant number of ways that the multinationals can support this commercialisation infrastructure. This FDI base has access to a global perspective on technology evolution, supply chain innovations and purchasing behaviour. We believe that the collaborative research practice established under the SFI program can be further extended to enable different multinationals to work together with State companies and SMEs to create new applied technologies. The effective development of this practice will have significant upside for both the companies and the State.
Collaborating with multinational companies will provide a significant steer to this new applied research activity and ensure that the activity is market-led, has access to customers and resources, and can avail of international management capability. Encouraging this practice through incentives greatly increases the opportunity for new ventures to achieve scale quickly. AMERICAN CHAMBER OF COMMERCE Key Contributions from the Multinational Base • Collaboration - The application of the principal of collaboration, sharing of assets and the mitigation of costs can broaden the commercialisation capability without adding significantly to the investment and cost base. Those principles need to be defined and promoted, to ensure the fast and effective development of the commercialisation infrastructure and eco-system. • Market Access - It is sensible and appropriate for the most new companies to use the established channels to market. The foreign direct investment (FDI) base can address this most significant challenge facing start ups and growth companies. Creating a practice and incentive policy to allow this to occur would increase the new ventures’ opportunity to succeed significantly. • Market Intelligence - Equally there is a significant challenge for new ventures to acquire the right market intelligence to allow for the development of a successful market strategy. Access to the resources and collective intelligence of the FDI base will greatly advance the new venture and improve its ability to target the global market and establish its brand.
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