I am delighted to be here today to formally launch the InVent Centre as DCU’s “Commercialisation Gateway” and to officially open your new Biotechnology Labs.
This event highlights the transformation that is taking place in the third level research environment in Ireland today. As DCU’s “Commercialisation Gateway”, the InVent centre will act as the catalyst by which knowledge can be transformed into commercial success. This gateway will provide the critical link between the campus and the marketplace. It will enable groundbreaking research to be translated into the innovation that is needed to drive Ireland’s development as a leading knowledge economy.
I am particularly delighted that new state-of-the-art biotechnology laboratories are now to form part of this new “Commercialisation Gateway”.
Given the importance of the pharmaceuticals, healthcare, agriculture and food processing industries in this country, it is critical that we have a strong biotech sector in place to keep pace with global developments. And, the biotechnology industry is certainly primed for growth.
Irish bioscience today is benefiting from combined funding of more than €1billion from Science Foundation Ireland, Enterprise Ireland, the Higher Education Authority, the Health Research Board, the European Union and others. This level of investment is aimed at improving our Research and Development base, which is critical to strong growth in the area.
I would like to pay tribute to Dublin City University for driving this initiative and I would also like to commend you on your successful partnership with Enterprise Ireland. Together, you brought about the InVent Centre in 2001, providing some 3,000 square metres of incubation space for technology based start-up companies. And now, by providing access to “wet laboratory space”, you will enable start-up biotech companies to gain a foothold in one of the most competitive science based markets in the world.
Since 2003 dedicated incubation space for biotechnology start-ups has doubled. The need for laboratory space was identified because of the different requirements between the life sciences and areas such as software. Over €4million has been invested to date by Enterprise Ireland on the provision of wet-lab facilities in Irish universities. When all of these facilities are fully operational, there will be bio-incubation space and support available for up to 15 companies.
The bio incubator programme is another element of the Enterprise Ireland strategy “Building Biotech Businesses” aimed at fast-tracking opportunities to business. Ireland may have come relatively late to the biotech table, but increased funding for life sciences research is now resulting in more high tech commercial opportunities.
In fact, one need look no further than the first company to have located here in the InVent Bio Labs – Gas Sensor Solutions – for evidence of this. Its work monitoring the oxygen levels inside sealed enclosures is already seeing strong market demand in areas such as art conservation and media production.
The development of Gas Sensor Solutions, which emerged from the National Centre for Sensor Research based here in DCU, demonstrates the important spin offs that can come about from investment in high-end research. We in Government are very conscious of this and that is why R&D has now been placed at the heart of our economic development strategy.
Under the National Development Plan 2000-2006 the Government has committed €2.5billion to research, technological development and innovation. Of this, some €605million has been dedicated to the Programme of Research in Third Level Institutions, from which funding was provided for the National Centre for Sensor Research. The priority we attach to research in the biotechnology and information technology sectors is also reflected in the rapid growth of Science Foundation Ireland’s activities in recent years. This year its funding will grow to some €131million, establishing university-based centres of excellence with significant levels of industry involvement.
The level of investment in research at university level reflects our belief that, as we strive to become a leading knowledge economy, our universities will play a leading role in translating research excellence into commercial innovation. That is why, through Enterprise Ireland, almost €40 million has been invested in business incubation centres such as InVent on the campuses of most universities and Institutes of Technology.
These incubation centres enable those with the cutting-edge ideas to test out the market potential in a fully supportive business-oriented environment. Experience has shown that up to 20% of High Potential companies have their origins as Campus Companies. The first campus companies were set up in the 1960’s and since then more than 550 Irish companies have come out of universities.
As is clear, InVent’s designation as your “Commercialisation Gateway” and the launch of these new biotechnology laboratories, means that DCU is primed to continue delivering on that success. I wish you the very best in the ongoing development of this gateway to innovation.
Thank you
ENDS