Smart economy and international niche dominance economy

patslatt

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Apr 11, 2007
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The smart economy as a core economic strategy has a good chance of success,aided by the presence of high tech multinationals, but it is likely to be focussed in Dublin and Cork. This raises the question as to what strategies could be pursued by the rest of the country.

One that comes to mind is to emulate the very successful German "middelstadt" (middle size) manufacturers,usually family run companies that have grown through their domestic and international dominance of narrow niche markets. The niches vary tremendously but for example include premium products of all kinds,specialised ovens for food processing,elegant doors etc.

The success of these companies depends on narrowly focused attention to the niche,design,R & D and customer service.

To encourage Irish start-ups and small existing companies to develop niche markets,the government could set up a fund to support these companies' research and development of products to be marketed internationally. A relatively modest R & D fund of say €100 million would be a good start and it should concentrate on business people who have demonstrated an entrepreneurial flair.
 


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