The Minister for Jobs Enterprise and Innovation, Richard Bruton TD, today (Tuesday) announced €21m in funding is available to support the commercialisation of research in 2013. The objective of the funding, which will be provided through Enterprise Ireland’s Commercialisation Fund, is to accelerate the development and commercialisation of innovative new products and services and increase the number of new technology-based start-up companies.
The Fund is available to researchers in the third level sector to commercialise ideas and inventions at all stages of development that will help to create and sustain jobs in Ireland and improve the competitiveness of the Irish economy. Commercialisation Fund projects address a gap or need in the market by developing innovations that will ideally be ready for licensing to Irish industry or may form the basis of a new start-up company in 2-5 years.
Making the announcement Minister Bruton said: “Over the past decade, Ireland has built a system of research and innovation that ranks extremely well internationally – the challenge now at a time of jobs crisis is to put in place measures that will turn these achievements into economic growth and jobs. Through the Action Plan for Jobs we have implemented a range of changes aimed at turning good ideas into good jobs, including the research prioritisation exercise, the creation of a Central Technology Transfer Office, a one-stop-shop for commercialising research out of universities, and the establishment of new Technology Centres.
“This fund will provide support for projects seeking to take innovations and develop them into commercial products and services that can sustain businesses and ultimately create jobs. This is a very positive initiative which focuses on bringing research projects to life. It provides the resources that allow research teams to move from concept to market”.
So far this year, Enterprise Ireland has funded 24 commercialisation projects valued at €5.3m across a wide range of areas including ICT, Lifesciences, Food, Manufacturing, Engineering and Energy.
The Commercialisation Fund is a component of the Governments research prioritisation policy and is one of a number of initiatives designed to deliver economic impact from the State’s investment in science and technology.
Announcing the call for Commercialisation Fund applications, Director of ICT Commercialisation Gearoid Mooney said: ‘The Commercialisation Fund is making a real difference in terms of business growth and competiveness in Ireland. The breadth of projects targeting new market opportunities is remarkable. Projects funded so far this year range from a vaccine to protect against harmful bacteria commonly affecting cystic fibrosis patients to the development of a fuel cell power module which will turn hydrogen into electricity in a more cost effective and efficient way.’
Enterprise Ireland are currently seeking applications to the Commercialisation Fund, the closing date is August 28th.