The process leading to the establishment of Science Foundation Ireland started in 1998 when a major Technology Foresight Initiative was carried out by the Irish Council for Science, Technology and Innovation. Foresight is about preparing for the future. It is about deploying our resources the best way possible, for competitive advantage, enhanced quality of life and for sustainable development. It is about identifying the opportunities and challenges in the future, and what Government, scientists and engineers should be doing to meet them. The Technology Foresight Initiative sought to identify emerging technologies that will be the key to national economic development in future years and to present a plan of action to address the opportunities and challenges associated with these technologies. In carrying out this analysis, ICSTI consulted widely with scientists, industrialists, Government officials and others to achieve a high degree of consensus on the public policy actions Ireland needs to take in order to invest in the research and technologies required to underpin future economic growth and living standards.