28th February 2008

Minister Unveils Enterprise Ireland Funding Package to Give Institutes of Technology Key Role in Development of Regional Business at Official Opening of Synergy Centre at IT Tallaght.

The Minister for Enterprise, Trade & Employment. Micheál Martin TD today announced details of Enterprise Ireland's €50 million boost to the development of enterprise in the regions through the Institutes of Technology.

He made the announcement as he officially opened Synergy Centre, a campus incubator that provides office space and business support to start up businesses at the Institute of Technology in Tallaght which was funded by Enterprise Ireland.

The €50 million will support enterprise-focused activity in three ways;

• Funding the purchase of industry-relevant research equipment
  
• Providing more incubation space for start-up companies 
  
• Establishing market-focused research groups in the Institutes

Making the announcement Minister Martin said;

"Balanced regional development is a Government priority and the Institutes of Technology have a unique and critical role to play in achieving this goal. The Government Strategy for Science, Technology & Innovation recommended that we focus on building up the research and innovation functions of Institutes in areas like Tallaght, Carlow, Sligo, Tralee, Dundalk, Athlone and Castlebar so that they can nurture start-up companies and develop innovative solutions for existing companies".

"I am looking forward to the extension of Enterprise Ireland's Campus Incubation programme which has already made a big impact with the creation of 172 new companies employing 584 people in all types of sectors from e-learning, to biotechnology and digital media".

Welcoming the Minister's announcement Feargal Ó Móráin Executive Director, Enterprise Ireland said;

"Enterprise Ireland has invested over €100 million in enterprise-focussed programmes delivered through the Institutes of Technology. Synergy Centre at IT Tallaght is an excellent example of how this investment supports high technology and knowledge intensive enterprises that have real potential to foster innovation, create jobs and generate export potential. We see IT Tallaght and the other 13 Institutes around the country as key partners in our effort to increase productivity, exports and jobs in towns around Ireland".

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For more information contact:

Grace Fitzgerald Communications Officer, Enterprise Ireland 01 8082746, 087 3286404