What are the main factors which go into building successful and continuous economic growth. Speak to ex-Intel CEO Craig Barrett and he will talk to you about:

Smart people, doing smart things in a smart entrepreneurial environment

Simple enough. Barrett notes that Ireland’s boom decades were based on education. That’s what enticed Intel to the country. He continues by comparing Ireland to Israel.

He said that while two of Ireland’s universities are among the Top 100 in the world, neither are functioning as wealth creators in the same tradition as Stanford or Berkley in California or indeed universities in Israel. “The economics of Stanford, Berkley, MIT and Israel, this is what your future has to entail.”

What I found of particular interest was his observation that “90% of countries around the world envision themselves as potential leaders in the knowledge economy and it is no secret that technologies like nanotechnology are key.”

Israel has led in the industrial revolution based around communication tech. As for nano and cleantech, Jerusalem is buzzing with small set ups in these fields. The Eilot conference next week has 2,000 delegates registered, including some of the richest people in the world.

Intel has a been central part of the Israeli economy for over 2 decades. It is likely that the company’s latest 22 nanotechnoly fab will be built in the Holy Land. If that eventuates, the Irish will know why.