Open economy propels island of innovation
WHETHER it’s artificial intelligence, blockchain or the Internet of Things (IoT), the world’s biggest brands know Ireland can provide them with the innovative digital technology they need to excel. Household names such as Audi, Philips, Primark, Women’s World Banking and the Special Olympics have looked to Ireland to source the smart digital solutions they need to gain that all-important competitive edge.
Why? Because Irish tech companies listen to and understand global market demands. From Enterprise Ireland’s work with digital tech firms here, we know their CEOs realise the value their products and services can bring to global brands, and they deliver to the exceptional standards required.
Ireland is one of the largest and most spirited tech hubs in Europe. Our open innovative economy is home to a vibrant cluster of more than 1,000 Irish digital technology companies, including many flourishing startups and entrepreneurs, along with multinationals which have strategic European bases here.
Powered by the incredible energy and depth in the Irish tech space, many of our home-grown tech heroes are proven world leaders in their industries. They are driven, forward-looking and with an international sales focus. They deliver smart, effective products to global customers in HR, media, travel, manufacturing, financial services, social media and games, mobility and project management.
In fact, exports account for more than half of the turnover of Irish tech firms. In 2018, they exported €1.6bn to North America, €0.9bn to the UK and €0.5bn to the eurozone.
Securing deals with global brands is far from easy, but Irish companies succeed because of their experience, domain knowledge and ability to apply relevant technology.
Irish tech firms are also immersed in a culture of pursuing excellence in innovation, having grown up alongside the global tech titans with significant operations here.
Furthermore, cross-sector collaboration between local firms and multinationals enables more rapid research and development and facilitates innovation.
Our deep-rooted pedigree in software development has laid the foundation for the extraordinary digital technology innovation happening here across AI, data analytics, blockchain, AR, VR, cognitive cloud computing and IoT.
We also produce and attract amazing talent to work in this sector, and our tech firms are supported by both a world-class R&D ecosystem and vibrant investment activity.
For decades, our strong innovation agenda has helped build our reputation for scientific excellence. Ireland is now one of the leading research, development and innovation locations in the world.
In 2018, the European Innovation Scoreboard ranked Ireland first for innovative SMEs and first for employment in knowledge-intensive activities. Ireland has also been particularly successful in securing funding from Horizon 2020, the EU-wide programme for research and innovation, with more than €500m secured since the programme’s inception in 2014.
Initiatives such as the €500m Disruptive Technologies Innovation Fund are also game-changing. This national funding enables companies to collaborate on disruptive technology with true innovation value. We’re seeing exceptional output from this in areas such as AI, Blockchain and sustainable technology.
Recently named by PitchBook as the second largest VC investor globally, and first in Europe, by deal count in 2019, Enterprise Ireland invested €24m in 127 start-ups in 2019 and €72m in venture funds in 2018, as part of its Seed and Venture Capital Schemes.
We walk the journey every step of the way with Irish tech firms. We know the global landscape and we know what it takes to transform a high-potential start-up into a globally scaled business. Every day, our 40 international offices work with companies to help them source innovative Irish technology to reshape their entire customer journey and accelerate growth in the years to come.