NovaUCD and Innovation address economic challenges

 
 

Minister for Jobs, Enterprise and Innovation, Richard Bruton, recently revealed a report exposing the economic impact of NovaUCD in Ireland and its effect across international waters.

The report, which coincides with the 10th anniversary of NovaUCD, reveals that its novice and commercialisation activities spanning the last decade currently sustains overall 1,341 jobs, both direct and indirect, worldwide, of which 1,056 are located in Ireland.

At NovaUCD, Centre for New Ventures and Entrepreneurs, innovative, state-of-the-art and intelligence-intensive companies are created and cultivated to enable them to annually input €47.7 million Gross Value Added (GVA) into the worldwide economy, of which €36.6 million GVA is contributed to the Irish economy. These achievements and more are published in NovaUCD – Celebrating 10 Years of Entrepreneurial Success 2003-2013. 

Since 2003, UCD has maintained 126 companies through Nova and in the next three years it is predicted that these companies will generate another 851 new job opportunities, 630 of which will be based in Ireland.

UCD Vice-President for Innovation, Professor Peter Clinch, said, “They say a journey of a thousand miles starts with a small step. The impact of NovaUCD has been far greater than could have been imagined ten years ago when it officially opened and I have no doubt that an exciting future lies ahead for NovaUCD.”

Bruton surmised at the unveiling of the report on Nova that “a key part of the government’s plan for jobs and growth is ensuring that we derive more benefit, in terms of commercial outcomes and jobs, from the State’s investment in science and technology; turning good ideas into good jobs.

“Today’s report showing that over 1,300 jobs have been created as a result of NovaUCD’s activities, illustrates clearly what can be achieved in this area. I commend them on all their work and wish them every success for the future.”

These jobs have been created due to the specific success of spin-out companies that have boosted the profile of NovaUCD. HeyStaks, Oncomark and Equinome are companies that recognised as commercialising research projects that are undertaken by UCD. Other initiatives including Biosensia, Tethras and Enbio are spin-in companies that relocated to UCD in order to benefit from closer interaction with in NovaUCD.

Speaking about the success of NovaUCD in overhauling Irish innovation, Frank Ryan, CEO of Enterprise Ireland, said, “The results of the NovaUCD economic impact survey are very positive and demonstrate that NovaUCD is a key component of Ireland’s technology transfer system and is an example of what we excel at here in Ireland.”

“From Enterprise Ireland’s point of view our objective is jobs and increased exports and we welcome being involved in leading-edge applied science that can be commercialised. This is key for Enterprise Ireland and we believe an ecosystem that includes NovaUCD is very attractive and advantageous for the country.”

 

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