Colleges’ umbrella body hopes to double start-ups

The umbrella body for the country’s technology colleges hopes to double the number of start-up companies emerging from them and the level of funding going into them before 2020.

Speaking after yesterday’s launch of a joint R&D and innovation strategy document between Ibec and Institutes of Technology Ireland , Waterford Institute of Technology’s Professor Willie Donnelly said that IoTs can play a key role in driving regional innovation, which will be critical in ensuring future economic growth for the country as a whole.

“The Institutes of Technology Ireland currently generate about €40m-€50m in external research funding per annum, but their impact, in terms of working with industry, runs far deeper. IoTs have a proven ability to engage SMEs in innovation for the first time via short, practical projects and then build that relationship into longer-term research projects that can deliver real growth and transformation,” he said.