St.  Brigid’s GAC, the club my children all play Gaelic football for was in the eye of a minor twitter storm last week when the Irish News sports team tweeted that it was redeveloping its Musgrave Park site to the tune of £750k.  Many tweets were supportive, others wanted to know more.  Who was investing, what was the rationale, how much were they committing internally etc?  Valid questions all. 

An instant online debate that would have been considered virtually unthinkable a mere 16 years ago when the Club was first formed.  The same questions are asked every single day when any organisation, company or institution invests in one area as opposed to another, it’s the world we live in and it leads to more transparency.  But there has to be strong rationale that stands up to scrutiny.   This no more pertinent than when we are talking about tax payers money.  Whether the investment is at national or indeed at a local level the onus remains.

Arguably in a micro economy like Northern Ireland where opportunities are far from being ubiquitous, you need to choose your investments even more judiciously.    One area of the economy where there is widespread support for investment with boundless opportunities is within the digital economy. 

The growth of the internet and how we use it across so many areas of our lives was very much in the headlines last week.  Software and digital technology has an impact on nearly everything we do, so much so that in a UPC report produced by Amarach last week on Ireland’s digital future the average person would have to be given €130 to compensate for their loss of the internet, around €100 more than the average cost of a monthly broadband bill.  There were other telling statistics in the report too with a projected 150,000 people directly or indirectly employed within the sector and the value of the Irish internet economy rising from €8.4bn to €21.1bn in under six years.   Music to the ears of the global internet companies like Google, Facebook, Paypal and others that sit their EMEA Headquarters’ comfortably within Dublin’s digital corridors.This growth will be supported by a rise in consumer spending which accounts for 60% of the projected 2020 assessments.  However as many prudent economists like Professor Neil Gibson, Director of Northern Ireland's Centre for Economic Policy at the University of Ulster, would point out a recovery or growth within any economy based on consumer spending alone triggers off flashing red lights - been there, done that .  Thankfully there is much more to the digital economy than simply consumer spending.

As I’ve highlighted in this column before the Northern Ireland economy is well positioned to piggyback this micro growth and is making its voice heard globally with a burgeoning digital hub, a developing culture of IT entrepreneurs and a positive return on the Executive’s FDI investment.

Digital NI2020 made up of a broad representation of industry experts is providing leadership in exploiting and developing industry opportunities by supporting collaborative networks, the completion of digital platform high speed  infrastructure, the creation of cloud computing capability and targeting investment in ICT / digital technology.But the hub of all of this, if you pardon the pun, is the once in a lifetime opportunity that Northern Ireland has with over  90% of businesses and homes having access to superfast broadband (www.nibroadband.com), a considerable advantage to not only the rest of the UK but competing global countries.  While there is a great opportunity to build on its uptake of 20%, it is perhaps no surprise that with such internet access the number of Northern Ireland people owning tablets is up on the UK average, nearly one in three local homes (29%) compared to 24% UK wide.

So we truly have the credentials to make the digital economy a thriving force for the future across the North.  But as highlighted within the UPC report an area of concern for the Republic, and undoubtedly for Northern Ireland too, is the level of internet shopping going beyond indigenous locally based businesses with only 40% of web shopping staying in Ireland.  Indeed, a quarter of Irish companies have no online access with half of shoppers doing their research in real world stores but picking up products cheaper online. 

Of course the rise in the online economy must be tempered with the impact of any loss in retail and demise in the high street, an area of real concern for the greater business community.

Local companies must win the hearts and minds of consumers both online and in store.  For many the challenge is getting the balance right and the level of commitment and expertise required.

Whilst Northern Ireland may not have the Facebooks or Googles of this world in its back yard, and without the divine intervention of some corporation tax autonomy from Mr. Cameron competing for them will be difficult but, thanks to strong broadband infrastructure, a growing digital hub and a developing culture of industry entrepreneurs the future is bright – let’s make hay while the sun shines.

Claire Aiken is Managing Director of Public Relations and Public Affairs Company Aiken PR