An Taoiseach, Mr Brian Cowen TD today launched the Report of the Innovation Taskforce in the Science Gallery, Dublin. He said: "I welcome the Taskforce's recommendations for making Ireland a Global Innovation Hub. It is ambitious, but I believe that it can be done. In fact, as the Taskforce point out, we have no choice but to make it happen if Ireland is to create the jobs we need."

Summary of the Innovation Taskforce Report.

Complete Innovation Taskforce Report.

"The Report contains many new ideas, as well as calling for a reinforcement and better alignment of existing efforts and programmes. It also poses a challenge to industry to seize the opportunities arising. I look forward to working with my colleagues in Government to take forward the Taskforce's recommendations to make Ireland a Global Innovation Hub."

The Taoiseach thanked the Taskforce members for their enormous commitment of time and effort and said that their vision will require continued support from all stakeholders to ensure that all elements of Ireland's innovation system work cohesively together.

"I am very encouraged by the level of interest in the work of the Taskforce - as demonstrated by the number of submissions they received. It shows a level of energy which we need to capture as we start implementing this Report. In fact, I know that the Taskforce's work has, by itself, already been an important stimulus to thinking and action by many organisations and individuals."

"This Report provides a roadmap for one of the five Action Areas in the Smart Economy Framework and complements the progress which has already been made on other aspects of the strategy." The Taoiseach also published a progress report today on implementation of Building Ireland's Smart Economy which is available at www.taoiseach.ie.

The Taoiseach is leaving tomorrow (Friday 12 March) to start his visit to the United States for the St. Patricks' Day period. He said "This Report will be an important part of the message I and other Ministers will be taking abroad we promote Ireland as a location for investment."

Ends

11 March 2010

Notes to Editors

The Innovation Taskforce was established in June 2009 to advise the Government on its strategy for positioning Ireland as an International Innovation Development Hub and to assist in making the Smart Economy a reality.

In its Report, The Taskforce sets out is vision of Ireland as a Global Innovation Hub:

- the best place in Europe to turn research and knowledge into products and services;
- the best place in Europe to start and grow an innovative company;
- the best place to relocate or expand and scale an SME; and
- the best place in Europe for research-intensive multinationals to collaborate with each other and with clusters of small companies.

The Taskforce has made recommendations across a wide range of areas including:

- transform the seed, angel and venture capital environment in Ireland
- introduce a European Accelerator Programme to attract the European HQs of fast-growing private US companies
- encourage overseas entrepreneurs to come to Ireland to start and grow their companies
- transform our Intellectual Property (IP) arrangements and make Ireland an International Innovation Services Centre (IISC)
- use Flagship projects, where public procurement will grow clusters of companies, addressing global needs, with innovative products\services for export
- the education system needs to be better connected to the needs of innovative enterprises, including bonus points for high level maths

If done successfully, the Taskforce estimates that a minimum of 117,000 new jobs could be created by 2020.