Business
AIB sponsors pioneering PorterShed to enable start-ups to thrive
AIB has announced a five year partnership with Galway City Innovation District (GCID), a new initiative supporting start-ups and business innovation in Galway City and the West of Ireland.
The initiative brings together Galway Chamber of Commerce, Galway City Council, NUIG and GMIT to form the GCID.
Initially AIB is sponsoring the PorterShed, the first building to be opened as part of the GCID initiative, which is located close to Eyre Square.
The PorterShed will house an accelerator program, high potential start-ups and entrepreneurs as well as providing co-working space and an open area for workshops and seminars. It is expected to open early next year.
Additional buildings are due to open over time and it is envisaged that this innovation district could eventually support up to 20,000 workers.
The innovation district is expected to be similar to Dublin’s so called ‘Silicon Docks’ area where companies such as Google and Facebook are based.
The PorterShed was once used as a Guinness storehouse and is located on CIE land at the back of Ceannt Station. It will have capacity for 85 workers and it is also hoped it will encourage more multinationals to establish a base in Galway.
Announcing this key partnership for AIB at the Venture West Conference, AIB CEO Bernard Byrne, said: “Developing an innovative district in the heart of Galway can serve as catalyst for high growth companies and is a model that worked in other cities such as Boston. This will help address the economic imbalance between the West of Ireland and the East coast.
“The Galway City Innovation District is the first part of an ambitious plan to support the growth and development of innovative companies across the West of Ireland. AIB is delighted to be involved in the development of this new innovation district for Galway and the West of Ireland.”
According to the President of Galway Chamber, Frank Greene, the Galway City Innovation District will be a driver of new enterprise and commercial activity in Galway City and ultimately in the county and region.
“This cluster of entrepreneurs, start-ups, accelerators and incubators will nurture collaboration and knowledge sharing. Galway Chamber, with our partners, is proud to be an initiator of the GCID which, by creating jobs, will also increase the need for services and in turn, further increase employment,” he said.
Maurice O’Gorman, council member of Galway Chamber, is also a board member of the Galway City Innovation District.
“Commencement of work on the PorterShed is a significant milestone in the implementation of our vision for a downtown city innovation hub, which will attract young technology companies with strong growth potential, including many of our existing superstars,” he said.
“We also want to provide a place where incoming tech companies and investors visiting Galway can have a visitor’s seat and can network with some of the best companies that the West has to offer,” added Dr John Breslin, senior lecturer at NUI Galway and also a board member of GCID.
The new President of Local Ireland, the association representing local news publishers around the country, is Head of Irish Times Regionals Dan Linehan.
Mr Linehan takes over the presidency from Declan McGuire of the Connacht Tribune. His appointment was confirmed at the recent Annual General Meeting of Local Ireland at Bloomfield House Hotel near Mullingar, Westmeath.
Mr Linehan, who has served as Vice President of the organisation for the last two years, said: “The coming years are a very important time for local publishers with many important issues to be addressed, including the implementation of the Future of Media Commission recommendations, defamation reform, the role and support for local publishers in public service reporting and helping publishers develop commercial digital offerings.”
Speaking at the AGM, Mr McGuire acknowledged the work done by the Executive in the past two years under the direction of Executive Director, Bob Hughes, on several projects related to the publishing industry but most especially the successful conclusion of the long-running campaign for the abolition of VAT on newspapers.
He also wished Mr Linehan the very best in his new role as President of the association for the next two years.
Mr Hughes thanked Mr McGuire for his leadership and support during his term of office and said he looked forward to working with Mr Linehan on the key policy priorities for the association, including Government supports, Government advertising, fair remuneration for content from the tech platforms and the reform of the legislation for defamation.
Local Ireland members also elected Seán Mahon, Managing Director of the Southern Star, as Vice President for the next two years.
The shortage of affordable housing is the single biggest impediment in attracting and retaining workers in the West, according to business group Ibec.
At a ‘Regional Insights Series’ meeting in the Galmont Hotel in Galway last week, employers were told that capacity constraints and labour supply are the key challenges facing business growth in the region.
Ibec Head of Regional Policy Helen Leahy said: “There must be greater focus by government on enhancing quality of life issues such as housing and infrastructure which are driving labour shortages in the region.
“Ibec’s vision for the West is to realise its potential to become a globally competitive location. An inadequate supply of affordable housing is now the single largest impediment to attracting and retaining talented workers, without whom business investment and expansions are not possible.
“Labour shortages are a real concern for businesses in the region. People decide where to live and work based on quality of life and access to high quality services and amenities. Industry tends to follow talent, and in this regard, the region needs to have all the building blocks in place as the attraction and retention of world-class talent becomes increasingly competitive on a global level,” said Ms Leahy.
Amongst Ibec’s priorities for the West are:
- Addressing housing and infrastructure challenges
- Transitioning towards a new growth model with Net Zero energy powered by Atlantic offshore wind resources
- Adapting businesses to the new economic realities
- Enhancing capacity and skillsets to achieve sustainable development objectives
- Investment in people and skills
- Creating competitive advantage through digitalisation
- Innovation as a key driver of productivity growth
One in five Galway businesses want to go fully cashless, as the move towards card payments and tapping continues unabated post-Covid.
In all, 22% of Galway businesses would like to be fully cashless, according to a survey carried out by BOI Payment Acceptance (BOIPA), a provider of payment technology solutions, which asked Irish businesses about the current payment landscape as well as business confidence and concerns.
Over one-third (36%) of Galway businesses were unaware there is no contactless limit on mobile wallets – just below the national average – while 54% believe the increase in card over cash transactions has helped them run their business.
Six out of ten Galway businesses expect to grow this year despite the cost-of-living crisis and running costs dominating as key concerns; 62% believe their business will grow over the next twelve months despite global economic uncertainty.
Unsurprisingly cost-of-living increases and running costs were the main concerns the majority of businesses had.
For more, read this week’s Connacht Tribune.
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