Cowen said an action plan to be drawn up by the campaign, which is funded by its founder O'Toole's online consulting firm AMAS, has posted over 4,800 ideas in one month, will be "fast-tracked to the Cabinet Sub-Committee on Economic Renewal for assessment and implementation where appropriate".
One idea highlighted by O'Toole is a proposal for a patriot bond, which would allow Irish ex-pats to invest "on the basis of patriotism".
O'Toole, who describes the campaign as a grassroots movement, said 20% of the ideas generated to date have come from overseas, with particular interest from the UK and US.
The suggestion for a patriot bond came from an Irish citizen living overseas, who believes the global Irish community would be willing to invest in the Irish state in return for a guaranteed profit.
Ireland's current credit rating means it has found it more difficult to raise funds on the global markets. The bond would make money available at a cheaper rate than is currently offered on the market, with a return for investors when the economy returns to growth.
Almost 50,000 people have visited the campaign website, which ran for the month of March and received widespread media coverage in Ireland.
These include turning thousands of empty properties in Ireland's "ghost estates" into retirement communities, the establishment of a new Irish 'People's bank' based on a New Zealand model, an expansion in the number of technology transfer professionals to turn R&D spending into commercial opportunities, and cutting the tax on alcohol to encourage people into pubs.
The website lists a number of banks, chambers of commerce, consultancies and universities amongst its supporters, and has also received the backing of Irish government ministers. An 'action plan' will be presented to the government once the ideas have been vetted by a panel of experts.
