Government announces €21m commercialisation fund

The Government has announced €21 million in funding to support the commercialisation of research in 2013.

The objective of the funding, which will be provided through Enterprise Ireland’s commercialisation fund, is to accelerate the development and commercialisation of innovative new products and services and increase the number of new technology-based start-up companies.

Minister for Jobs, Enterprise and Innovation Richard Bruton said the fund will provide support for projects seeking to take innovations and develop them into commercial products and services that can sustain businesses and ultimately create jobs.

“Over the past decade, Ireland has built a system of research and innovation that ranks extremely well internationally – the challenge now at a time of jobs crisis is to put in place measures that will turn these achievements into economic growth and jobs.”

Enterprise Ireland has funded 24 commercialisation projects valued at €5.3 million across a wide range of areas including ICT, lifesciences, food, manufacturing and energy this year.

“Projects funded so far this year range from a vaccine to protect against harmful bacteria commonly affecting cystic fibrosis patients to the development of a fuel cell power module which will turn hydrogen into electricity in a more cost effective and efficient way,” director of ICT commercialisation Gearoid Mooney said.

The closing date for applications is August 28th.