EI fund targets regional development

28-02-2008

by Deirdre McArdle

Enterprise Minister Micheal Martin has announced details of a EUR50 million funding package for Institutes of Technology nationwide.

The Enterprise Ireland investment aims to position Institutes of Technology around the country as regional enterprise development centres. To that end the EUR50 million will focus on funding the purchase of industry-relevant research equipment, providing more incubation space for start-up companies and establishing market-focused research groups at the Institutes.

"Balanced regional development is a government priority and the Institutes of Technology have a unique and critical role to play in achieving this goal," said Minister Martin, in a statement. "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."

The funding package is broken down into three sections: EUR10 million for research equipment grants, EUR20 million towards expanding the existing Campus Incubation programme and another EUR20 million focusing on the Applied Research Enhancement Centre programme.

The research equipment grants aim to ensure Institutes have the necessary resources with which to engage with industry to perform R&D. Successful applicant Institutes will receive between EUR50,000 and EUR250,000 to fund research equipment.

Over the past 10 years Enterprise Ireland has invested EUR35 million in building incubation centres at Institutes of Technology around the country, with the result that centres are now operational in almost all of the 14 Institutes of Technology.

"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," said the minister.

Meanwhile, the Applied Research Enhancement programme aims to provide 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.

Minister Martin made the funding announcement at the official opening of the Synergy Centre, a campus incubator that provides office space and business support to start-up businesses at the Institute of Technology in Tallaght. The centre was funded by Enterprise Ireland.