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The indigenous Irish software sector grew by 36 percent in 2001, according to a new study by software venture capital and consulting firm HotOrigin.
According to the report, 50 percent of software companies started in 2001 were founded by ex-employees of indigenous technology companies. It also found that 17 percent of the new technology companies were spinouts from academic projects in universities.
Additionally, the report found an increased emphasis on making sales and a reduced emphasis on venture funding among new companies. Companies also had lower expectations for the amount of funding they would raise from venture capitalists at each state of the companies' development, the report claimed.
The report stated that while Ireland is still attempting to catch up in the area of research and development, progress is being made in this area.
"The report highlights not only the importance of the sector to Ireland," said Caroline Wardle, director of software ventures for HotOrigin, "Our focus on university research emphasises its significant impact on the continued success of the indigenous software sector on the global stage."
The report focused on the indigenous software industry in the Republic of Ireland and Northern Ireland. It also assessed the state of university research and development and provided an international assessment as well as an agenda for the government.
"The government has made some improvements in regard to increasing the availability of venture funding by extending the BES schemes," Wardle told ElectricNews.Net. "But we believe that they could do more. Irish government spending on R&D is still behind the European average."
Wardle points to the VC Trust Scheme in the UK, which encourages individuals and corporations to invest in new innovations.
The report also recommends that the government get involved in encouraging links between academia and industry.
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