Speech by Minister Jimmy Devins, TD, Minister for Science, Technology and Innovation at the launch of the Trinity College Entrepreneurship Programme

Trinity Technology and Enterprise Campus

2^nd October 2008 1.30pm

I am delighted to be here today to launch the 7^th year of the Trinity College Entrepreneurship Programme. This is a programme which cuts to the heart of the Government’s goals for creating a modern, dynamic knowledge economy. We are undoubtedly facing into difficult economic times. More than ever, we must focus on increasing our competitiveness by creating high-end jobs which deliver high value added products and services. The Government’s Strategy for Science, Technology and Innovation, published in 2006, makes it clear that the only future for Irish business is to move up the value chain.

To that end, the Strategy, and the National Development Plan, envisage expenditure between 2007 and 2013 of €8.2 billion will be spent on achieving that goal. This includes over €3.4 billion expenditure on world-class research by Science Foundation Ireland, to be complemented by €1.5 billion spend on higher education by the HEA. Further inputs will be made to the system in commercialisation supports by Enterprise Ireland.

The coming year is going to be a challenging one for us all, but the Government remains fully committed to the long-term goals of the Strategy for Science, Technology and Innovation. The outputs of all of these investments will be significantly increased levels of highly qualified individuals and significantly greater levels of new knowledge which can be exploited for economic gain.

We need to ensure that the benefits of those investments are maximized, now more than ever. That will mean greater numbers of highly qualified and talented people working in industry and other areas of the economy, increasing the level of innovation and productivity, and it will mean greater levels of commercialisation of the results of research in terms of licenses and spin outs.

These things will not happen by accident, they must be nurtured and managed, and the Trinity College Entrepreneurship Programme is an important part of that process.

The Government also has a vital role to play in the process. Funding, aimed at maximizing the commercial potential of Ireland’s research, has increased from €33 million in 2006 to an estimated €46 million in 2008, a 39% increase in just two years.

The funding, which is administered through Enterprise Ireland, supports a number of programmes. The most significant of these is the Commercialisation Fund, which supports academic researchers to take the outputs of research with commercial potential and bring them to a point where they can be transferred into industry.

This area is of significance given the need to achieve economic benefit from the investment in research infrastructure that has taken place. Particular emphasis is being given to the final stages of support, to ensure that transfer actually takes place to the benefit of the receiving company and in a manner that encourages the researcher to participate in the process in the future. The fund has seen an increasing level of application and it is anticipated that this will continue.

Funding for these activities amounted to €25 million in 2006, and is expected to grow to €35 million by the end of this year. This is something which is particularly gratifying, and is a reflection of a significant shift in the mindset of many researchers who are now more willing to embrace the challenges of commercialising their research.

Additional commercialisation supports are provided in the form of the Technology Transfer Strengthening Fund, which since its establishment less than two years ago has grown to support ten Technology Transfer Offices in separate institutions, funding 32 staff plus operational costs. Further funding is also provided to support incubation facilities in Institutes of Technology, and to assist with the protection and management of patents.

All of these are very significant investments. In return we expect a high level of engagement by our third level institutions with the aims of the Strategy for Science, Technology and Innovation, which is why I am so pleased to be here today to launch the 7^th year of the Trinity College Entrepreneurship Programme.

It is clear that a lot of thought and planning has gone into the development of the programme. It takes researchers out of the narrow confines of their own specializations, and exposes them to the wide range of issues which will face entrepreneurs. It allows diverse disciplines to mix together, to test ideas and to bring a wide range of skills to bear on commercialisation challenges. Perhaps most importantly, it brings potential entrepreneurs into contact with those who have already achieved success as entrepreneurs.

Since my appointment as Minister for Science, Technology and Innovation, it has been my pleasure to meet with many researchers who have turned the fruits of their research into products and services. The most remarkable thing about these people is the drive, the energy and the enthusiasm which they bring to the challenge of creating viable businesses.

It is an infectious enthusiasm, and the single most important thing which budding entrepreneurs need is to be infected with enthusiasm. While enthusiasm by itself will not build a business, the personal energy which individuals bring to their business endeavours is undoubtedly the single most important factor in ensuring success.

Recent years have seen a sea change in how entrepreneurs are viewed in this country. We now tune into television programmes such as Dragon’s Den, and are particularly interested when Irish entrepreneurs make their pitch. It has become cool to be an entrepreneur, and this new found respect for our risk takers is most welcome.

Of course, not everybody will find the role of the entrepreneur attractive, and not everybody will have the aptitude. Some will find jobs in industry, the services sector or the wider jobs market, and anybody coming to those jobs with a high level of qualifications will enrich those workplaces and bring new disciplines and rigour to bear in their jobs. Some will find their niche in pure research, while others will get fulfillment from working closely with industry but from within academia.

We need all of these people. We also need those for whom building their own business becomes a passion. We owe it to this latter group to equip them with the best skills and tools to allow them to succeed. The Trinity College Entrepreneurship Programme is an important part of this process.

I would like to commend all of those who give their time and energy to the programme, but most of all I wish success for all of those participants who take part in the programme, and who decide to embrace the challenge of running their own business.

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