Ireland's Project Economy: A Barometer of Independent Professionals, Contractors, and Solo Self-Employed

Abstract

For over 100 years now, the focus of researchers of entrepreneurship has been preoccupied with people who start businesses that grow and hire employees. The solo self-employed who do not hire any employees are overlooked. About 10 years ago a small group of us noticed the emergence of the ‘Project Economy’ which makes extensive use of high skilled independent contractors. The project economy relates to business where innovation, agility, growth and the ability to manage uncertainty and risk are the keys to competitive advantage and success. In order to perform at this dynamic level these firms need to draw on independent contractors to access expertise beyond the confines of their employee base; respond rapidly to changing market and technological requirements; and manage innovation and growth on an agile and lower risk project-basis.