The Irish Government has agreed to support the development of a Grand Canal Innovation District (GCID) in Dublin
The cabinet accepted a report by the Grand Canal Innovation District advisory group and its recommendations.
The report provided a strategy and road map to underpin the development and progression of the district to ensure that Ireland has an innovation district to rival its computtpetitors.
Trinity College Dublin says it will work closely with of all the relevant stakeholders: government departments, multinational technology companies, state agencies, start-ups, universities and members of the local community, to develop proposals for the innovation district.
Grand Canal Innovation District expectations
The Grand Canal Innovation District, with a new Trinity campus at its centre, will act as a connector for Irish and multinational companies, academic researchers from both Irish and international universities, venture capitalists and start-ups as well as members of the local community.
The district will be developed over a 10-year time span, however, early activation will commence on the site in 2020. This will include the opening of an innovation hub that will provide space for early-stage start-ups, research-active corporates, a dedicated programme of activities for people who live in the local community and a meeting space to activate the innovation community in Dublin.
The report calls for support for the Grand Canal Innovation District scheme through both policy measures and financial support. The total cost of the development will be over €1bn over the course of 10 years, with plans for the majority of the investment to be borne by developers, Trinity and philanthropic and corporate grants and donations. The report recommends that the government invest €150m in the district over the next decade.
The #GCInnovationDistrict with a new Trinity campus at its centre, will act as a connector for indigenous & multinational companies, Irish & international researchers, venture capitalists & start-ups as well as the local community. #Eire2040 #InspiringGenerations pic.twitter.com/BqyVls4YIS
— Trinity College Dublin (@tcddublin) January 3, 2020
Putting research and innovation in Dublin on the map
Provost of Trinity College Dublin, Patrick Prendergast, said: “Ireland’s ability to continue to attract investment and grow its own successful global businesses is intrinsically linked to the amount of research and innovation originating from within the country.
“We have seen from other cities around the globe that innovation districts help to raise the amount of research undertaken in a country and that research universities are the key determining factor in ensuring that research and innovation is nurtured and fostered.
“Trinity’s new campus will be dedicated to ensuring the success of the district. It will be a focal point for the new innovation district, creating a space where other universities, start-ups, funders and established businesses, can come together to drive innovation.
“Government endorsement of the GCID vision is welcomed. State support, through continued policy development, political goodwill and financial investment is invaluable. For international investors, it is a prerequisite that the importance of a project of this nature is demonstrated through government commitments of this nature.
“This is truly a great day for innovation in Ireland.”
Dr Diarmuid O’Brien, chief innovation and enterprise officer at Trinity, added: “The Grand Canal Innovation District will connect the significant assets we already have – globally leading businesses, world class research in our universities and a thriving start-up ecosystem and will change Ireland’s story just as Station F has transformed the international view of Paris as a location for start-ups or the Crick Institute has established London as the global leader in Life Sciences.
“With all stakeholders coming together to make a shared vision a reality we can truly deliver change for Ireland – something that will have a positive impact on the local community, Dublin city and the country as a whole for generations to come.”
