MediaLab obtains €1m funding

MediaLab Europe, says that it has signed partnership deals, together worth nearly €1m.

The deals are with the Highlands Enterprise Agency and the Portuguese State science agency.

At one time the aim was that around 80% of the funding would be corporate funding.

However, due to the present weakness of the global economy, which makes such funding difficult to find, it has been decided that public funding will account for up to 35% of the funding.

At the board meeting held on 10 July it was announced that Bono of U2 is to step down from the board of MediaLab Europe, due to pressure of work.

He will be replaced by U2’s guitarist the Edge, other members of the board include Denis O’Brien and Professor Nicholas Negroponte.

MediaLab Europe has its premises off James Street, Dublin in a building that used to be part of Guinness’ brewery.