Tens of thousands of jobs and hundreds of new companies may be created under a ground-breaking joint initiative by the country¿s two top universities.
University College Dublin and Trinity College have teamed up to to develop the job creation plan over the next decade.
But it is feared the research merger could inflame rivalries among the country¿s leading third-level institutions if funding is steered away from other colleges and towards the two institutions, listed in the world¿s top 200.
The heads of Trinity and UCD claim the €650 million scheme would drive new enterprise at a time of national crisis.
Taoiseach Brian Cowen backed the scheme, claiming it was not a competitive venture between the State¿s universities.
¿This alliance between UCD and TCD is pulling together an important critical mass in a way that is collaborative, not competitive,¿ Mr Cowen said.
¿What we¿re talking about here is two universities, two of our leading universities, leading the way, pioneering, in my opinion, the way our academic community must organise itself in the future, so as to contribute not only to the academic life of the country, but the economic life of the country.¿
But the head of Dublin City University, Prof Ferdinand von Prondzynski, warned of the danger of competition fuelling bitter rivalry.
Writing in his online blog, Prof von Prondzynski said: ¿Welcome though today¿s announcement is, it was preceded by an element of secrecy which was not helpful and which could have sowed the seeds of serious distrust in the sector.
¿It is our job now to overcome that and to reinstate national collaboration and mutual support.¿
The initiative is expected to create a world-class enterprise corridor between TCD and UCD housing up to 300 new companies ¿ the IFSC of Irish education.
The project will mainly target PHD students and create a fourth level education system.
The universities hope to increase the number of PHDs by 1,000 a year.
An innovation academy will be developed, straddling the universities¿ existing campuses, while the Government is to set up a taskforce to drive the scheme forward.
¿The innovation taskforce will draw on international experience and successful national models such as the IFSC,¿ Mr Cowen said.
The Irish Universities Association welcomed the Taoiseach¿s support for the state¿s universities to work together.
Ned Costello, IUA chief executive, said: ¿This initiative confirms that the universities have a central role to play in accelerating our economic recovery.
¿The Taoiseach and Ministers signalled that they welcome more such approaches by the sector and we look forward to further collaboration with Government in that regard.¿
National University of Ireland, Maynooth, which last year secured €32 million euro worth of research, welcomed the initiative and said it shone a spotlight on Ireland.
Professor John Hughes said: ¿Research money is hard won but our track record of punching above our weight right across the research spectrum has ensured consistent success for us with funders.¿
Provost of TCD Dr John Hegarty said the proposal would help to reconstruct the country through new ideas and research.
¿We are targeting up to 300 new and growing companies over a 10-year period and creating tens of thousands of new jobs.
¿This is ambitious, very ambitious. It will not be easy, we are doing it together.¿
The scheme will also see the roll-out of a legal, educational and financial support system to help turn business ideas into reality.
Mr Cowen said the academy would help the country remain an attractive hub for international investors.
The taskforce will be chaired by the secretary general of the Taoiseach¿s department, Dermot McCarthy, and will have input from the public and private sectors.
The members will be unveiled in the coming weeks.
While the main goal of the project is to produce a new breed of 4th level graduate, the universities also hope to improve the take-up of maths and science at second level and boost the creative qualities of third level students.
PA