09 INTERNATIONAL TECH HUBS SECOND EDITION | BDO LLP
IRELAND
THE TECH LANDSCAPE In 2000, Tánaiste Mary Harney, Minister for Enterprise and Employment, said ‘Geographically, we are closer to Berlin than Boston. Spiritually, we are probably a lot closer to Boston than Berlin. ’ This dual market exposure has driven Ireland’s FDI policy for some time and has led to Ireland now being highly considered as a solid location for international businesses to establish themselves, bolstered by global familiarity with and affection for Irish culture, the country’s English-speaking Eurozone position, and its common law jurisdiction. With Irish and European universities providing talent, the relative ease of doing business in locations known as strong tech hubs attracts plenty of foreign direct investment. The well-established precedents of major tech businesses in this market and the success of other start-up and scale up companies in the sector have led to a pool of expertise and knowledge sharing that draws in investors and new business founders alike. THE TECH BUSINESS ECOSYSTEM Over the last 20 years, the Irish tech industry has seen an explosion of companies being established here and scaling up. Almost all of the world’s largest tech companies - Google, Apple, Facebook, Twitter, Amazon and more – have chosen Ireland as a base for their European and American connections. Though the capital city of Dublin attracts the bulk of tech activity, various tech clusters have formed across Ireland as a whole, offering businesses cost savings on rent, salaries and creating a more attractive work/life balance for employees. Cork’s tech businesses tend to focus on cybersecurity, with McAfee, VMWare and eSentire based in the area. In Galway, medtech reigns, with Boston Scientific, Medtronic and Creganna having offices in that location. There is also a growing cluster of e-payment and fintech companies in Dundalk and Drogheda, which have now attracted the likes of PayPal and State Street.
With expert input from Kevin Doyle, Tax Partner for BDO Ireland, and Teresa Morahan, Partner and Head of Audit for BDO Ireland. With over 38 years’ combined experience in audit and tax advice services, both have a unique insight into the tech sector.
OVERVIEW: A TECH POWERHOUSE WITH GEOGRAPHICAL ADVANTAGE
Bridging the gap between Europe and the United States, Ireland’s unique position has built its reputation as a tech hub to be reckoned with. Enjoying access to both sides of the Atlantic, Ireland takes advantage of an expansive talent pool and approachable tax regimes to foster a supportive local and foreign direct investment scene for tech businesses.
GEOGRAPHICALLY , WE ARE CLOSER TO BERLIN THAN BOSTON. SPIRITUALLY , WE ARE PROBABLY A LOT CLOSER TO BOSTON THAN BERLIN.
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