Fund seeks start-up ideas

RESEARCHERS at third-level with ideas for start-ups have until September 22 to apply for a cut of a €7 million fund launched yesterday by the Minister for Enterprise, Trade and Innovation, Batt O’Keeffe.

This is the latest fund in 10 years of an Enterprise Ireland (EI) third-level research commercialisation push, so far producing 140 spin-out companies, employing over 1,000 workers with a combined annual turnover of €160m.

EI programme manager Majella Maher explains: “The idea is that these third-level researchers should have a technology-based business proposal that addresses a gap in the market. The idea should have the potential for a new start-up company.

“We will assess the proposals through threephases from developing a prototype, finding a market and through to production. We funded 35 start-ups in 2009.

“The funding can typically range from €80,000 to €350,000, depending on the product and the market. We’re trying to help the colleges to translate their knowledge into jobs. It can take these companies five to six years to produce jobs, so we take a long-term view when assessing.”

Examples of previous EI-funded start-ups include General Paints in Celbridge, Co Kildare, which licensed a technology from researchers at the CREST centre DIT with an anti-microbial coating that kills MRSA on contact. This product may do away with the need to scrub some surfaces in hospitals.

Similarly, Gourmet Marine is a UCC spin-out with a novel sea urchin fish farming system, already patented in 19 countries. Its target is the $200m global sushi market.

Mr O’Keeffe said: “We can create ‘smart’ and sustainable jobs and give Ireland a competitive advantage over other countries in developing our innovation capacity.”

Spin-outs that have grown into substantial employers include Iona Technologies, Havok, Stokes Bio, and Changing Worlds. For more information, visit: www.enterprise-ireland.com/ResearchInnovate