NATIONAL INVESTMENT in basic research, building companies around solid science, taking risks and recognising the potential value of one's research are all critical ingredients in building an innovative science and technology environment, according to several leading Irish entrepreneurs and research figures.
Speakers at Trinity College's Science Gallery addressed an Irish Nano Week session on turning university research into economic value, stressing that researchers and company funders need to remain open to the unexpected, but also to know their science and their potential.
"Any technology company has to be underpinned by solid science," said Mark Heffernan, chief executive of TCD life sciences spin-off Opsona.
He also said government investment in basic research was crucial, because it helps to build centres of excellence in particular research areas, attracts talent to the country, and generates intellectual property.
He said "the country should focus on building quality, not quantity" firms, suggesting it was wise to fund existing, proven companies and to bundle intellectual property to reduce risk.
He said he came to Ireland because of its research reputation: "Before leaving Australia when I was doing research on different countries, Ireland really stood out as a country investing in basic research."
Iona Technologies co-founder Chris Horn spoke about the first two and a half years of Iona, from its 1991 founding to the launch of its first product.
Back then, he said, TCD had just set up a technology transfer office, promoting the idea of spinning off companies from university research. Setting up a company was not an obvious move, though. "Computer science was the lowest of the lowest of the low at Trinity. It was scorned because it was not seen as being 'really engineering'," Horn said.
What started him thinking about the business possibilities of software development was a TCD presentation on commercialising research. Still, the challenges were huge. "I had no business experience, I was an academic, as was Annraí O'Toole and Seán Baker [ Iona's other founders]," he said. "It was touch and go. We had no venture capital, no bank loan, there was no Enterprise Ireland - we had to do it all ourselves."
Though initially Iona couldn't raise any financing, the company eventually became the fifth largest IPO on Nasdaq, and at the height of its valuation was one of the top 10 software firms in the world.
Leonard Hobbs, engineering research manager at Intel, spoke about research in nanotechnology and the recently launched €48.7 million Competence Centre for Applied Nanotechnology (CCAN) at the Tyndall Institute at University College Cork.
He said that thanks to investment made through Science Foundation Ireland several years ago, Ireland was doing world-leading research in ICT and medical applications of nanotechnology.
He said he saw this week's focus on nanotechnology, and an all-day conference on the subject today at TCD, as "establishing a nanotechnology ecosystem for Ireland". The role of CCAN would be to help pull nanotechnology research "out of the pipeline and translate it into commercial applications".
Former IDA Ireland chief executive Seán Dorgan, who is chairing today's conference, said he felt research and investment in nanotechnology "can come together and make a difference for Ireland. We're now getting the different pieces talking to each other."
