Irish Government to support EUR 1bn Innovation District project
The Government of Ireland has decided to support the development of a Trinity College Grand Canal Innovation District (GCID) in Dublin. Cabinet support means that the vision of a new innovation campus spearheaded by Trinity and first outlined by the Taoiseach in July 2018 is now closer to becoming a reality.
The cabinet accepted a report by the Grand Canal Innovation District advisory Group and its recommendations. The report, published on January 3, 2020, provides a clear strategy and road map to underpin the development and progression of this district to ensure that Ireland has an innovation district to rival the best in the world. The advisory group tasked with developing proposals for the innovation district included representatives of all the relevant stakeholders: government departments, multinational technology companies, state agencies, start-ups, universities and members of the local community. Trinity expects to work closely with all these stakeholders in the years ahead.
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 GCID project through both policy measures and financial support. The total cost of the development will be over EUR 1 billion (USD 1.1 billion) 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 EUR 150 million (USD 168 million) in the district over the next decade.
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