Silicon Docks

Last updated

The Boland's Quay project, January 2022 Boland's Quay, Silicon Docks.jpg
The Boland's Quay project, January 2022

Silicon Docks is a nickname for the area in Dublin, Ireland around Grand Canal Dock, stretching to the IFSC, city centre east, and city centre south near the Grand Canal. The nickname makes reference to Silicon Valley, and was adopted because of the concentration of European headquarters of high-tech companies such as Google, [1] Facebook, [2] Twitter, [3] LinkedIn, [4] Indeed [5] and startups in the area. The number of tech professionals working in technology firms in the area is about 7,000. [6]

Contents

History

In the wake of the dot-com bubble collapse from 1999 to 2001, IDA Ireland's director of operations in California, Dermot Tuohy, made moves to bring the at-the-time budding tech companies, PayPal, eBay, Overture (which would later become part of Yahoo!), and Google to Dublin. In 2002, Google executives agreed to investigate the possibility of opening operations in Dublin.

Google's European headquarters, the Montevetro building Google Montevetro building.jpg
Google's European headquarters, the Montevetro building

They viewed the Digital Hub in the city centre west, which now houses 900 people and is the location for the European headquarters of companies such as Eventbrite and Etsy. Google's property advisors at the time also alerted them to an alternative location at Grand Canal Dock, identifying the potential of a number of buildings on Barrow Street owned by developer Liam Carroll. Within walking distance from the city centre, the location was seen by the company as having the right mix of factors to attract the type of employee they wanted in Dublin. Google's California offices encouraged a college campus-style atmosphere, something achievable in the Grand Canal Dock location. The visitors decided that once the building, which was still under construction, was complete, they would rent 60,000sq ft of Gordon House on Barrow Street, which they moved into in 2004. It's a choice still seen by those in the IDA as a seismic shift for investment in Dublin. The agency, and many others including senior Google employees, feel the decision was directly responsible for many other Silicon Valley names, such as Twitter and Facebook, choosing to set up shop nearby. [7]

Many of the new buildings around Grand Canal Dock were completed in 2007, just as the financial crisis hit Ireland. This meant that many of these high-end buildings stood empty in the period of economic uncertainty that followed. Since 2012 in the wake of Ireland's economic recovery, international investors have been buying prime office space in the area. [8]

In November 2013, a new fast-track planning scheme was approved by Dublin City Council to allow for docklands buildings of up to 22 floors in height – 50% higher than Dublin's tallest building. The Docklands Strategic Development Zone (SDZ) Planning Scheme gives council planners the power to make decisions that cannot be appealed to An Bord Pleanála, ensuring a minimum of delay for developers. The SDZ represents the first major planning initiative since the 2012 decision to wind up the Docklands Authority, but to retain an appropriate fast track planning framework to complete the Docklands project. Dublin City Council, which is taking over the Docklands Authority's powers, is determined to encourage the continued development of the 66 hectares, north and south of the river, that comprise the new planning zone. The plan identifies five specific development hubs: Spencer Dock, Point Village, Grand Canal Dock, Britain Quay and Boland's Mill. One-third of the overall docklands area – 22 hectares – is ready to be developed. Buildings left uncompleted since the financial crisis are now progressively being completed. Most notably, the former Anglo Irish Bank building, the unfinished skeleton of which was an icon of the financial crisis, was finished in 2017 by its new owner, the Central Bank of Ireland. [8]

Alto Vetro and the National Waterways Visitor Centre Alto Vetro.jpg
Alto Vetro and the National Waterways Visitor Centre

It should also be noted that due to the housing crisis in Dublin, and the marked increase in the cost of living, there is now pressure on tech firms to retain staff in the Silicon Docks area. Many of whom are looking elsewhere in Ireland to establish offices where the cost of living is more affordable. [9]

Etymology

The name Silicon Docks first appeared in 2011 [10] as the area made a comeback amidst economic recovery after the projects were left unfinished during the financial crisis of 2007–2008. Since then, the term appeared in several articles by various media sources as well as Google Dublin's homepage. [11] [12] A book titled Silicon Docks: The Rise of Dublin as a Global Tech Hub by Pamela Newenham was released 22 January 2015, published by Ireland's Liberties Press. [7] Other nicknames for the area include the Google Basin.

Development

While it has been reported that the reasons behind the development of Silicon Docks are 'scarce' or 'challenging', [13] three areas are generally focused on, including corporate tax incentive, human capital, and seed funding. [14]

Corporate tax incentive

Ireland's low corporate tax rate—just 12.5%--has long attracted entrepreneurs and was once the country's key selling point for foreign business owners. [14] However, the tax implications that companies face in major deals have been described as an "impediment". [13] The headline rate of Capital Gains Tax ('CGT') was 33% as of August 2019.

View of the west inner basin from the top floor of the Montevetro building.The now-regenerated Boland's Mill, Alto Vetro, and The Marker Hotel can be seen Dublin Grand Canal Basin.jpg
View of the west inner basin from the top floor of the Montevetro building.The now-regenerated Boland's Mill, Alto Vetro, and The Marker Hotel can be seen

Human capital

Ireland boasts the youngest population in all of Europe. In 2012, Citibank's annual list of most competitive cities in the world ranked Dublin as the city with the best "human capital." The city is home to dozens of colleges and universities, including Dublin City University, Trinity College Dublin, University College Dublin, and Technological University Dublin. [14]

The local talent pool has received a boost from Google, [15] which opened its Dublin headquarters in 2002 and has since been recruiting highly trained tech talent from all around the world, [16] thanks to Ireland's lenient work visa process. As of 2015, Google employs some 3,500 people in Dublin. Facebook, LinkedIn, Fleetmatics and Twitter, among others, employ hundreds more. [14]

Seed funding

C-L: The Marker Hotel and Daniel Libeskind's Grand Canal Theatre, now known as the Bord Gais Energy Theatre, in the Silicon Docks Marker Hotel.jpg
C-L: The Marker Hotel and Daniel Libeskind's Grand Canal Theatre, now known as the Bord Gáis Energy Theatre, in the Silicon Docks

The Competitive Start Fund of Enterprise Ireland invests in 15 seed-stage start-ups every quarter. There are also other accelerators in the city offering start-ups much-needed seed funding, including Launchpad. [14] However, Prof Vinny Cahill, Dean of Research and computer science lecturer at Trinity College Dublin, explained in 2012, "There is definitely a growing venture capital community here. But if you look at Silicon Valley, there's a network of people who have been through the business and who encourage investment. It's starting to evolve in Dublin, but we're not at Silicon Valley's level yet." [13]

Tech companies located in Silicon Docks

The following is a list of just some of the tech companies located in the Silicon Docks area, divided into geographical areas. [13]

Grand Canal Dock /Grand Canal Square

City centre east/IFSC

City centre south/Grand Canal

City centre/Northside Dublin

Dublin south/Dún Laoghaire–Rathdown


Dublin north/Blanchardstown

Dublin South/ Citywest

See also

Related Research Articles

<span class="mw-page-title-main">Ringsend</span> Suburb of Dublin, Ireland

Ringsend is a southside inner suburb of Dublin, Ireland. It is located on the south bank of the River Liffey and east of the River Dodder, about two kilometres east of the city centre. It is the southern terminus of the East Link Toll Bridge. Areas included in Ringsend are the south side of the Dublin Docklands, and at the west end is the area of South Lotts and part of the Grand Canal Dock area. Neighbouring areas include Irishtown, Sandymount and the Beggars Bush part of Ballsbridge to the south, and the city centre to the west. A key feature of the area is the chimneys of Poolbeg power station.

<span class="mw-page-title-main">Connolly station</span> Railway station in Dublin, Ireland

Connolly station or Dublin Connolly is one of the busiest railway stations in Dublin and Ireland, and is a focal point in the Irish route network. On the North side of the River Liffey, it provides InterCity, Enterprise and commuter services to the north, north-west, south-east and south-west. The north–south Dublin Area Rapid Transit (DART) and Luas light rail services also pass through the station. The station offices are the headquarters of Irish Rail, Iarnród Éireann. Opened in 1844 as Dublin Station, the ornate facade has a distinctive Italianate tower at its centre.

<span class="mw-page-title-main">International Financial Services Centre, Dublin</span> Financial centre in Dublin, Ireland

The International Financial Services Centre (IFSC) is an area of central Dublin and part of the CBD established in the 1980s as an urban regeneration area and special economic zone (SEZ) on the derelict state-owned former port authority lands of the reclaimed North Wall and George's Dock areas of the Dublin Docklands. The term has become a metonym for the Irish financial services industry as well as being used as an address and still being classified as an SEZ.

<span class="mw-page-title-main">Spencer Dock</span> Canal Dock area in Dublin, Ireland

Spencer Dock is a former wharf area, close to where the Royal Canal meets the River Liffey, in the North Wall area of Dublin, Ireland. As of the 21st century, the area has been redeveloped with occupants of the Spencer Dock development including the Convention Centre Dublin, PricewaterhouseCoopers' Irish headquarters, Credit Suisse and TMF Group. The Central Bank of Ireland and NTMA have offices in the nearby Dublin Landings development.

<span class="mw-page-title-main">Dublin Docklands</span> Area of the city of Dublin, Ireland

Dublin Docklands is an area of the city of Dublin, Ireland, on both sides of the River Liffey, roughly from Talbot Memorial Bridge eastwards to the 3Arena. It mainly falls within the city's D01 and D02 postal districts but includes some of the urban fringes of the D04 district on its southernmost side.

<span class="mw-page-title-main">Point Village</span> Mixed-use development in the northern Docklands of Dublin

The Point Village is a commercial and residential development in the North Wall area of Dublin, Ireland. The elements of the €800 million development completed to date include offices and residential and hotel accommodation, a small shopping centre, a cinema, a museum and a five-level underground car park. The development ran into a number of problems and was taken over by NAMA in April 2013.

<span class="mw-page-title-main">Docklands railway station</span>

Docklands Station is a terminus railway station serving the Dublin Docklands area in Ireland. It is owned and operated by Iarnród Éireann and was part of the Irish Government's Transport 21 initiative.

<span class="mw-page-title-main">Grand Canal Dock</span> Docklands area east of Dublin city centre, Ireland

Grand Canal Dock is a Southside area near the city centre of Dublin, Ireland. It is located on the border of eastern Dublin 2 and the westernmost part of Ringsend in Dublin 4, surrounding the Grand Canal Docks, an enclosed harbour where the Grand Canal comes to the River Liffey. The area has undergone significant redevelopment since 2000, as part of the Dublin Docklands area redevelopment project.

<span class="mw-page-title-main">Economy of Dublin</span> City economy

Dublin is the largest city and capital of Ireland, and is the country's economic hub. As well as being the location of the national parliament and most of the civil service, Dublin is also the focal point of media in the country. Much of Ireland's transportation network radiates from the city, and Dublin Port is responsible for a large proportion of Ireland's import and export trade.

<span class="mw-page-title-main">Britain Quay</span> Street and quay in Dublin, Ireland

Britain Quay is a street and quay in Dublin on the south bank of the River Liffey between Sir John Rogerson's Quay and the confluence of the River Liffey, River Dodder and Grand Canal.

<span class="mw-page-title-main">Boland's Mill</span> Mixed use development in Dublin City

Boland's Mill is located on the Grand Canal Dock in Dublin, Ireland on Ringsend Road between the inner basin of Grand Canal Dock and Barrow Street. As of 2019, it was undergoing a €150 million reconstruction to become Bolands Quay, a development of new residences and commercial, retail, and civic spaces. The site, originally associated with Boland's Bakery, includes a number of 19th century warehouses.

<span class="mw-page-title-main">George's Dock, Dublin</span> Georgian canal dock in Dublin, Ireland

George's Dock is a Georgian dock in the Docklands area of Dublin forming part of the International Financial Services Centre.

<span class="mw-page-title-main">South Lotts</span> Neighbourhood of Dublin

South Lotts is a small area to the south of the river Liffey in inner-city Dublin 4, one km east of Dublin City Centre, Ireland. It was created following the embankment of the River Liffey in 1711 between the city and Ringsend, thereby reclaiming the marshes as North and South Lotts. It is at the westernmost end of Ringsend, overlapping with the Grand Canal Dock area, but is generally accepted to be within Ringsend.

<span class="mw-page-title-main">Bord Gáis Energy Theatre</span> Irelands largest all-seated indoor theatre

The Bord Gáis Energy Theatre is a performing arts venue, located in the Docklands of Dublin, Ireland. It is Ireland's largest fixed-seat theatre. It was designed by Daniel Libeskind for the DDDA, built by Joe O'Reilly, and opened by Harry Crosbie on 18 March 2010. It is owned by Bernie and John Gallagher, who bought the theatre in 2014 from NAMA, through their company, Crownway.

<span class="mw-page-title-main">Johnny Ronan</span> Irish businessman and property developer (born 1953)

John Ronan is an Irish businessman and property developer known for establishing Treasury Holdings in 1989 along with Richard Barrett.

The Docklands Strategic Development Zone (SDZ) (known officially as the North Lotts and Grand Canal Dock SDZ Planning Scheme) is a controversial strategic planning area in Dublin, Ireland located east of the city centre on both sides of the River Liffey in the North Wall and Grand Canal Dock areas.

Dogpatch Labs is a startup and innovation hub located in the CHQ building, in the Silicon Docks area of Dublin, supporting the startup ecosystem through incubation and acceleration programmes, educational events and a tech community of over 500 members from 100+ startups. In 2019 it was listed as Crunchbase’s "top 10 incubators around the world you need to know".

<span class="mw-page-title-main">Spencer Dock Luas stop</span> Tram stop in Dublin, Ireland

Spencer Dock is a stop on the Luas light-rail tram system in Dublin, Ireland. It opened in 2009 as one of four stops on an extension of the Red Line through the docklands to The Point. The stop is located on a section of Mayor Street Upper which is closed to other traffic, just next to Central Square. It provides access to many of the developments in the area, including Convention Centre Dublin.

<span class="mw-page-title-main">Misery Hill</span> Street in Dublin, Ireland

Misery Hill is a street in Dublin, Ireland, near Grand Canal Dock.

References

  1. ↑ Dillon-Scott, Piers (29 January 2012). "Google to open 'Google Docks' in Dublin". The Sociable.
  2. ↑ O'Brien, Ciara (7 November 2013). "Facebook confirms move for Dublin HQ to bigger premises". The Irish Times .
  3. ↑ Parfeni, Lucien (26 September 2011). "Twitter Joins Google, Facebook and Sets Up International HQ in Dublin, Ireland". Softpedia.
  4. ↑ "LinkedIn to open HQ in Dublin". Irish Independent . 30 November 2012.
  5. ↑ "Indeed's new offices could accommodate up to 2,000 workers". Irish Times.
  6. ↑ Hennigan, Michael. "Dublin's Silicon Docks: Separating hype and reality". finfacts.ie. Finfacts. Retrieved 22 January 2015.
  7. 1 2 Worrall, JJ (22 January 2015). "A seismic shift for Dublin: how Google was persuaded to set up shop in Ireland". The Irish Times . Retrieved 27 January 2015.
  8. 1 2 Duffy, Sean (24 April 2017). "Take a look inside Central Bank's new docklands campus". The Irish Independent . Retrieved 6 January 2020.{{cite web}}: CS1 maint: url-status (link)
  9. ↑ Team, TheJournal.ie. "How tech firms outside Dublin are luring staff away from the capital". TheJournal.ie. Retrieved 8 March 2018.
  10. ↑ Smyth, Jamie (27 October 2011). "Dublin becomes hub for major internet groups". Financial Times .
  11. ↑ Google
  12. ↑ Barber, Lynsey (17 June 2014). "In pictures: Inside Facebook's new Dublin office and European HQ".
  13. 1 2 3 4 Weckler, Adrian (15 May 2014). "Growing pains of Dublin's Silicon Docks". The Independent .
  14. 1 2 3 4 5 Lapowsky, Issie (18 December 2012). "Why Dublin's Tech Scene Is Booming". inc.com .
  15. ↑ Worrall, J.J. (2015). Game-changer: Google Moves to the Docks (Silicon Docks: The Rise of Dublin as a Global Tech Hub ed.). Liberties Press. pp. 66–81. ISBN   978-1-909718-87-6.
  16. ↑ Cahill, Liam (14 February 2014). "The Rise of The Silicon Docks". newsfour.ie. News Four Ireland.
  17. ↑ Lyons, Tom (18 January 2014). "Airbnb finds its home in Dublin 4". The Irish Times .
  18. ↑ "TripAdvisor is coming to Dublin with 50 new jobs". No. Business etc. TheJournal.ie. 30 December 2013. Retrieved 29 January 2015.
  19. ↑ Fagan, Jack (4 May 2016). "Denis O'Brien gets top rent for south docks warehouse". The Irish Times .
  20. ↑ Reynolds, John (11 February 2015). "Big dogs in the global window are at the heart of Dublin's Silicon Docks". The Independent .
  21. ↑ "Iput secures €1.8m-a-year letting on Molesworth Street with Jet.com". The Irish Times (Press release). 4 July 2017. Retrieved 21 August 2017.
  22. ↑ "Amazon to move Dublin Development Centre to 69,000 sq ft office in Burlington Plaza" (Press release). IDA Ireland. 31 January 2014. Retrieved 15 December 2015.
  23. ↑ "LinkedIn establishment of International Headquarters in Dublin welcomed by IDA Ireland" (Press release). IDA Ireland. 23 March 2010. Archived from the original on 25 October 2012. Retrieved 2 August 2013.
  24. ↑ "Dropbox picks Dublin city centre address for its international HQ". siliconrepublic.com/. Silicon Republic. Retrieved 29 January 2015.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.