Shannon region boosted by 14m euro investment

Irish Deputy Prime Minister, and trade minister, Mary Harney has announced an investment of 14 million euro in 11 new Irish-owned high-technology start-up businesses in the Shannon Region.

The 11 companies have come through Shannon Development's InnovationWorks process and it is expected that the companies will generate more than 200 jobs inside the next five years.

It is understood that 72 of these jobs are already in place in companies which have products competing in the global marketplace.

The Irish government is investing 4 million euro through the Shannon Development scheme, with an additional 10 million euro from the private sector.

Speaking at InnovationWorks, National Technology Park Limerick, Ms Harney said: "The announcement is truly representative of the network spirit of InnovationWorks, as it involves companies from Limerick, Kerry and Clare who have developed a very diverse product range and with high technological content.

"This clearly illustrates the level of sophistication that our industry base at indigenous level has reached. Some of these technologies, including multimedia stream server technology; remote information monitoring and access using GSM/Internet and, in-flight GSM solutions, were unheard of just a decade ago. Many of these new Irish companies will generate an even higher level of product as their businesses grow.”

She added: “We also need to realise that the closure or downsizing of a multinational company can have a positive outcome from an entrepreneurial viewpoint. Some of the eleven companies have been founded by former multinational employees who have used the experience and expertise gained to become employers. While the knowledge economy in Ireland relies on the multinational sector, particularly those undertaking higher value-added activity, they are also hotbeds for nurturing Irish technology entrepreneurs.”

Shannon Development's Chief Executive, Kevin Thompstone said: "The level of entrepreneurial activity in the Shannon Region is increasing. In 2002 we had 130 new enterprise enquiries; 150 highly skilled professionals participated in our range of entrepreneurship programmes.”

He said that 70 expatriates had attended seminars held in Boston and New York as part of an alumni programme, and that 46 companies, 30 in Limerick and 16 in Kerry, had used the InnovationWorks facilities.

Part of these facilities is a venture development process, VentureStart, that he said was unique to the scheme.

(SP)