IRELAND could come out of recession as early as next year, Denis O’Brien, chairman and co-founder of the Digicel Group, said at the launch of the Newstalk Student Enterprise Competition at the National College of Ireland in Dublin yesterday.

He said the country is “close to the bottom of the recession”, and dismissed talk of a return to the economic gloom of the 1980s. “I don’t feel that there’s a risk of us having a ‘lost generation’ of young people. There are now opportunities for graduates to do postgraduate studies until the recession is over,” he said.

Emphasising the importance of small businesses to the economy, Mr O’Brien stressed the need for the country to become less reliant on foreign direct investment.

“We need to encourage people at a very early age to open their minds and think about enterprise so that we foster an enterprise culture.

“It’s very important that SMEs do their bit to grow the economy, and get young people setting up their own businesses. If you employ yourself, that’s a success, and it’s even better if you employ others as well.”

The student enterprise competition is in its fourth year and is open to Ireland’s 15 Institutes of Technology and the National College of Ireland. The Irish Times Innovation Magazine is an associate sponsor. Local launches will be held in each of these colleges in the coming weeks. Teams must submit written proposals to their local co-ordinator for the first round, which will be judged by their colleges.

The closing date for entries is Wednesday, October 14th, and entry forms must be completed through the competition website, www.newstalk.ie/studententerprise.