NOVA, a new £10 million (€12.7 million) innovation centre to nurture and develop high-tech enterprises, will be built on the UCD campus at Belfield, the first major public-private partnership of its kind in the State.
Six leading firms in the high-tech and financial/legal services areas are investing £1 million each in the centre, which will provide 40 incubation units in the 3,750 sq m complex. UCD is investing just under £1 million, which includes the value of the site, and the development is being grant-aided by Enterprise Ireland.
The centre will also offer a range of facilities and programmes to stimulate entrepreneurship, technology transfer and innovation.
A new venture laboratory will focus exclusively on design and development, and will offer high-speed access to data and to experienced entrepreneurs to ensure that plans are realistic and viable. Other specialist service programmes will include enterprise development, industrial liaison and continuing professional development. Companies in the centre will be helped to access overseas markets through an international network of innovation centres.
The partnership companies are AIB Bank, law firm Arthur Cox, the professional services firm Deloitte & Touche, telecoms firm L M Ericsson, Goodbody Stockbrokers, the Xilinx computer software company and Enterprise Ireland. Together the firms will share 6 per cent of the equity in the start-up companies and a board of trustees will decide which investors get equity in which start-up companies.
These partnership companies will not be asked for any further investment; however, smaller contributions will be required from other companies in the future, according to Dr Pat Frain, director of UCD's University Industry Programme.
Construction of the centre is expected to begin next February and the building should be open in February 2003.
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