A new €5m technology centre at Dublin City University has the potential to deliver thousands of jobs.
The cloud computing facility will research ways of providing more computer services over the internet.
Enterprise Minister Richard Bruton said the €5m invested in the centre by the Government could lead to the creation of new technology companies – with Microsoft estimating a potential for 8,500 jobs.
"Cloud computing is an area where we have built a competitive advantage. We now need to exploit it," he said.
Cloud computing allows software for email, word processing and financial services to be accessed on the internet rather than stored on a personal computer.