INVESTMENT
Government commits to western tech firms
13-06-2003
by Andrew McLindon
The West of Ireland received a double boost on Friday with the announcement of funding for two multi-million euro technology initiatives.
Shannon Development said that it would channel EUR14 million into 11 Irish technology start-up firms, with an additional EUR10 million to be leveraged from the private sector, while Intel Communications Europe said its Shannon research centre would be home to the development of a next generation network processor in a EUR18.6 million project.
Shannon Development said that the eleven companies had come through its InnovationWorks process, which involves the State-run body helping emerging firms to develop their businesses by providing them with low cost office space and also mentoring/advice. The funding was not distributed evenly among the 11, but was allocated based on the needs of each individual projects.
According to Shannon Development, the companies will generate over 200 jobs over the next three to five years with just over 70 of these jobs already in place.
The businesses to be funded are involved in a wide range of activities from datamining software to LCD display technology to manufacturing seaweed-based personal care products.
Kerry-based company Altobridge, for instance, is developing an in-flight wireless communications system for the aeronautical industry. While HomeNet Communications, based in Limerick, is developing a family of products for the rich media streaming market. Its first product, I-Serve, enables live video signals to sent from cameras to mobile phones, PDAs and PCs.
The other companies to receive funding are; Brandon Products (seaweed-based products), eZee Global Software (management systems for hair and beauty salons), Fraysen Systems (process management software), Internet Control Solutions (wireless telemetry), Metpro (corrosion inhibitors), 3d Eagleview (digital visualisation), Taringold (datamining software), Vlyte Holdings (LCD displays), XL Technology Services (financial data collection and dissemination).
Tanaiste and Minister for Enterprise, Trade and Employment, Mary Harney, TD, who announced the funding, said that the success of some of these business demonstrated that there is an upside from an entrepreneurial viewpoint to the closure or downsizing of multinationals.
"Some of the eleven companies have been founded by former multinational employees who have used the experience and expertise gained to become employers. While the knowledge economy in Ireland relies on the multinational sector, particularly those undertaking higher value-added activity, they are also hotbeds for nurturing Irish technology entrepreneur," said the Tanaiste in a statement.
The Tanaiste also remarked that colleges needed to do more to turn the R&D carried out on their campuses into "real businesses" rather than being left "in tomes on bookshelves."
The Tanaiste also announced on Friday that Intel Communications Europe is to spend EUR18.6 million on developing an advanced network processor at its Shannon centre. Intel Communications Europe will receive a EUR3.1 million grant towards the project. Read more about that investment on ElectricNews.Net.
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