Colleges encouraged to reap research dividends

The Government is to spend €30m to allow companies to take advantage of research by universities and colleges.

The Technology Transfer fund is seen as the key to making Irish industry more innovative in the face of stiff competition from countries like India and China.

Enterprise and Employment Minister Micheál Martin said there was great potential for the high quality research and development work in educational institutions to have a direct economic impact.

“This will only be achieved if new technology is transferred effectively from the higher education sector to industry, either through the creation of new start-up companies or through the introduction of new products and processes into existing industry,” he said.

The Technology Transfer Fund will be administered by Enterprise Ireland and will be open to all universities and colleges. The aim is to allow the institutions to hire people with expertise in the area, thus ensuring that the commercial potential of their research and development work is fully exploited.

“The funding will ensure that Technology Transfer Offices in research performing institutions will be strengthened to form the backbone of the national commercialisation infrastructure,” said Mr Martin.

Under technology transfer agreements, companies are given rights to use the discoveries and innovations made through research and development in universities and colleges. The colleges and universities are compensated in a variety of different ways, such as profit-sharing or share ownership, and also benefit from a higher profile and increased links with industry.