Minister Martin Announces ¤50 Million in Regional Enterprise Funding
Minister Unveils Enterprise Ireland Funding Package to Give Institutes of Technology Key Role in Development of Regional Business at Official Opening of Synergy Centre at IT Tallaght
The Minister for Enterprise, Trade & Employment. Micheál Martin TD today (Thursday 28th February 2008) announced details of Enterprise Ireland’s ¤50 million boost to the development of enterprise in the regions through the Institutes of Technology.
He made the announcement as he officially opened Synergy Centre, a campus incubator that provides office space and business support to start up businesses at the Institute of Technology in Tallaght which was funded by Enterprise Ireland.
The ¤50 million will support enterprise-focused activity in three ways;
- Funding the purchase of industry-relevant research equipment
- Providing more incubation space for start-up companies
- Establishing market-focused research groups in the Institutes
Making the announcement Minister Martin said;
“Balanced regional development is a Government priority and the Institutes of Technology have a unique and critical role to play in achieving this goal. The Government Strategy for Science, Technology & Innovation recommended that we focus on building up the research and innovation functions of Institutes in areas like Tallaght, Carlow, Sligo, Tralee, Dundalk, Athlone and Castlebar so that they can nurture start-up companies and develop innovative solutions for existing companies”.
“I am looking forward to the extension of Enterprise Ireland’s Campus Incubation programme which has already made a big impact with the creation of 172 new companies employing 584 people in all types of sectors from e-learning, to biotechnology and digital media”.
Welcoming the Minister’s announcement Feargal Ó Móráin Executive Director, Enterprise Ireland said;
“Enterprise Ireland has invested over ¤100 million in enterprise-focussed programmes delivered through the Institutes of Technology. Synergy Centre at IT Tallaght is an excellent example of how this investment supports high technology and knowledge intensive enterprises that have real potential to foster innovation, create jobs and generate export potential. We see IT Tallaght and the other 13 Institutes around the country as key partners in our effort to increase productivity, exports and jobs in towns around Ireland”.
ENDS/ ETE 1869
For more information contact:
Grace FitzGerald, Communications Officer, Enterprise Ireland, 01 8082000
Jerry O’Connor, Press Advisor, Department of Enterprise, Trade and Employment, 01 312200
Notes for the editor:
Included in the ¤50 million funding package is the ¤10million Research Equipment Grant, the ¤20 million expansion of the existing Campus Incubation Programme and the ¤20million Applied Research Enhancement Centre Programme.
Research Equipment Grant
Enterprise Ireland is committed to ensuring that the Institutes of Technology have the resources to engage with industry to perform relevant research and development.
The Research Equipment grant has a cumulative value of ¤10 million and closes on 9th April 2008.
Successful applicant Institutes will receive up between ¤50,000 and ¤250,000 to fund research equipment.
Campus Incubation Programme
During the last ten years, over ¤35m has been invested by Enterprise Ireland in the construction of business incubation centres at the Institutes of Technology across Ireland under the Regional Innovation Strategies Measure with support from the European Regional Development Fund. This complements approximately ¤12m invested in (business and bio) incubation space in the universities.
Centres are now operational in almost all of the fourteen Institutes of Technology as well as the National College of Ireland and are providing critical space and support for high-potential start-up companies across the country.
There are 172 companies occupying incubation units in these centres with a total of 584 people currently employed.
The call for applications for funding to extend existing campus incubation facilities will be launched in April 2008.
Applied Research Enhancement Programme
The Applied Research Enhancement programme was created to enhance the applied research capabilities of Ireland’s Institutes of Technology as outlined in the Government’s Strategy for Science, Technology and Innovation 2007 – 2013.
This programme provides an opportunity for the Institutes to develop research capability in areas of strategic importance to the individual colleges and of relevance to industry both regionally and nationally.
Since 2004, 12 Applied Research Centres have received funding of approximately ¤1.25million each. This funding, which is used to support initiatives for up to 5 years, helps cover research personnel costs and is used to provide the equipment and materials necessary to conduct research. The Applied Research Centres provide a centre of excellence that has the resources and capability required to turn research in the science, engineering and technology arena into commercial benefits for the Regional economy in particular, and as a consequence, Ireland’s national economy will also benefit.
Last modified: 28/02/2008
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