As we look back over the past decade, one sector has out performed them all consistently, and that is Information Technology (IT).
Telecommunications/Communications has snuck in there with IT to form the ICT, however, in Ireland Telecommunication has had its share of bad press when it comes to licensing.
Perhaps IT has performed so well because of the very few barriers to entering the industry, unlike other professions such as Finance, the Legal professions or Health sector.
The banking sector has had plenty of compliance related issues and now the industry seems over-regulated, where as in the IT sector all you need is a PC, an imagination and plenty of coffee to write an application that could be the next FaceBook.
Off all the areas that funding should not be cut, indeed increased, the IT sector is the place to invest. The government seems to be making the right noises but when cuts start it’s hard to stay focused. It’s like weeding an over-grown garden, the good tends to be thrown out with the bad.
Budget
The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, announced this week that his Department’s budget will be “broadly maintained” in 2012. Current spending by his department, according to Mr Bruton, is at 366 million euro which he says is “slightly lower” than in 2011.
Over the next two years, Mr Bruton says the the government will commit approximately 1 billion euro in enterprise capital supports.
“This government is determined that, alongside the very painful budgetary decisions we have to make, we must implement our plan for economic recovery and job creation.
“This government, in the context of declining resources, has to make choices. We have made a clear choice to prioritise jobs and enterprise,” said Mr Bruton this week.
Streamlining of resources has already started in the IT sector. In late November, before the budgetary, it was announced that the Digital Hub Development Agency was to be merged with either Enterprise Ireland or the IDA in 2012. The merger was announced as part of the government’s plans for public sector reform and rationalisation of state agencies.
The Digital Hub cluster today comprises of 80 companies, employing 700 people in a growth sector – internet / digital media – which is critical to government plans for economic growth.
Friends Read Free