Ireland finally has an opportunity to take an independent stand in the global business sector.
For hundreds of years the Irish have been bowing at the feet of others, more specifically the English and the Church. Even the Celtic Tiger can be partly ascribed to foreign nationals boosting economic development. Ireland struggled economically for so many decades after the formation of the State, a mentality of defeatism and resentment of the success of others took root. While our fortunes were transformed during the economic boom, the recession saw a return to this old mentality. And even now with the economy blossoming strongly after the recession, the mentality of many Irish people is often stuck way in the past.
An Undesirable Environment for Irish Entrepreneurs
According to U2 frontman Bono, if you compare the reactions of fans in the US and in Ireland the difference is staggering. Americans would look at a person’s success and strive to emulate it, whereas the Irish would react with derision and resentment towards such success. The Irish culture has a strange tendency to treat accomplishment with suspicion and failure with scorn; no wonder for years we failed to develop a nurturing environment for entrepreneurs.
Local Talent Is Helping Ireland Emerge from a Dark Economic Era
Despite a history of subservience and a begrudging culture, Ireland is experiencing a colossal transformation. Employment figures are finally increasing. According to the Central Statistics Office a rise of 3.2% over the past year highlights the strong economic performance as we emerge from recession is finally starting to impact on employment. The great news is that it is not only the multinationals who are offering jobs: Dublin mobile marketing firm Brandtone recently announced investing in a programme of over €2 million, which has led to job openings for a further 29 employees. Roscommon telecommunication firm FCS Global announced their international expansion to include a branch in the United States and an increase of 10 staff members. These are the companies that need cheering on by the nation — home-grown enterprises making their mark in the global arena.
The Lifeblood of Ireland’s Future Economy
The monumental success of local companies Brandtone and FCS Global is proof that Ireland finally has a healthy outlook for local start-ups, and it is not only the Irish taking note of this. The Wall Street Journal has placed Ireland high on the technology entrepreneurs list. The report revealed that tech start-ups in Ireland are attracting as much as four times more funding from venture capitalists than the European average. The Wall Street Journal claims that the shift can be attributed to three main factors: an educated workforce, the reasonable corporate tax structure, and the presence of tech companies like Twitter, Microsoft and Facebook.
Time for Ireland to Create Its Own Tiger
Celebrations and accolades aside, this is only the beginning and a lot of work still awaits start-ups before they can expect to develop into thriving enterprises. Only around 10% of the country’s exports are from Irish companies; the balance is made up of multinationals. Now is the best time to nurture and develop the emerging local start-ups. While it is viable for multinationals to be in Ireland now, this could change at any time. What better way to predict the economic wellbeing than to create your own?