Tánaiste Announces €24 Million Funding for Institutes of Technology

Mary Harney, Tánaiste and Minister for Enterprise, Trade and Employment today (Thursday 31^st October 2002) announced funding of €24 million for Business Incubation Centres in eleven Institutes of Technology campuses under an initiative managed by Enterprise Ireland.

Making the announcement the Tánaiste said: "Employment and wealth generation in the regions is clearly dependent on growing the numbers of new technology, start-up companies and Enterprise Ireland is putting in place a strategy to build regional innovation through the Institutes of Technology. The establishment of incubation centres in the ITs is a central part of this strategy. Incubation Centres on college campuses provide space and business development supports for early stage, high technology companies. The campus location and the supports provided ensure a high success rate for start-up companies.

Businesses locating in the Centres will come from different sources. Some will be started by college staff or students as a result of research and development work. Others will come from entrepreneurs outside the college who want to be near the specialist staff and facilities that the college can provide.

Institutes of Technology are seen as the main engines for growth in the regions. This funding will help them to build their business incubation and commercial research activities. It will also allow them to give existing companies in their regions the technology support they need." The Tánaiste concluded.

Building work on the Centres will start early next year. By the end of 2004 most Institutes of Technology in Ireland will have an Incubation Centre.

Funding for the Centres is provided for under the Regional Operational Programmes for the BMW and the Southern and Eastern Regions. The programme is co-financed by the EU under the Structural Funds. It is operated by Enterprise Ireland on behalf of the Office of Science and Technology of the Department of Enterprise, Trade and Employment and under the authority of the Regional Assemblies.

Notes for Editors

Eleven Institutes of Technology Business Incubation Centres to receive funding