PATIENCE IS a virtue not normally associated with our fair nation. Yet we are being lauded this month for our supposedly mature acceptance of cutbacks and tax hikes by the likes of the Wall Street Journal. Apparently our fellow Europeans, who are bitter at having to pay the price for ill-considered economic decisions can learn a thing or two from our stoicism in the face of harsh cuts.

Our new attitude is in stark contrast to the fast-paced, sometimes aggressive reputation of the best days of the last decade. Perhaps we have matured a little. If so then let us hope that we can retain those traits of patience and take the longer-term view when better times return.

Much of the smart economy conversation revolves around the creation of a multitude of small firms with big ideas providing a hub for innovation and an enterprise culture. The initial hurdles of sourcing capital support and assistance with commercialising the ideas must be overcome.

However, if we do manage to get the smart economy project off the ground, one lesson we might consider from the boom times is that the roadmap for start-up success should not automatically be a four-year route to sale.

To many start-ups, the process is about the development and commercial delivery of a single big idea. As it bears fruit, different skill sets are often required to push the project forward. It’s understandable that many start-up entrepreneurs walk away from a project within a few years, selling their interests, hopefully for a tidy sum.

There is a potential problem, however, if the cream of Irish start-up ideas are constantly skimmed off by large multinationals. The founders may well benefit financially and hopefully go on to new ventures. But the model of founding and selling has significant downsides for the economy. If we are to create our own giants on the international stage, then some of the start-ups need to turn their back on the quick sale and instead look for a longer-term return. It’s arguably the more difficult route and requires further successful innovation along the way, but the rewards for both the founders – and the nation – are far more fruitful. Hopefully patience will remain an Irish business trait when the good times return.