New Innovation District To Be Built In Dublin
A plan has been revealed that seeks to bring together multinationals, university expertise and new talent in the creation of a new innovation district in Dublin. This has been made possible by Trinity College Dublin, which has launched its idea for the Grand Canal Innovation District (GCID). This is modelled on similar ideas in cities such as Toronto, Barcelona and Rotterdam.
These plans aim at creating an ecosystem that will allow nurturing of new ideas between various stakeholders. It will include a new €1bn university campus that will be dedicated to technology as well as innovation. It is to be created by Trinity at Grand Canal Quay on a 5.5 acre site. The government has supported the project through the provision of an advisory group that will provide the roadmap for the development. Moreover, a point worth noting is that tech giants such as Facebook and Google have their headquarters based in close proximity to this district.
The former Managing Director of Twitter, Stephen McIntyre, stated that multinationals and startups were currently very separate in Dublin. Therefore, the creation of an innovation district in the city would create a seamless linkage between the two. Although Trinity will be the main institution involved in the project, there will be an active collaboration between other institutions as well. For instance, a memorandum of understanding has already been set between Dublin tertiary institutions and the advisory group that represents the government. This is in line with the goal of the project which seeks to become an international magnet for talent, investment as well as employment opportunities. The GCID would place Ireland on the world stage with regards to innovation and research and development, which are core areas for economic growth. With the current 25% R&D tax incentive by the Irish government, this plan is expected to be highly successful both in short and long-term perspective.