News | 22 Jun 2009 :
Over €160 million has been generated this year from companies that grew out of university-based research.
"More than 100 high value companies have emerged from third level institutions in the last three to five years", the Minister for Science, Technology and Innovation Conor Lenihan T.D. said at the opening of an Enterprise Ireland event called 'Business opportunities from emerging companies' in Dublin's Guinness Storehouse on 18 June.
"These companies generated a combined turnover of over €160 million, of which, €137 million were exports", said Minister Lenihan.
Minister Lenihan said, "This rate of company creation per €100 million of research expenditure is comparable with world renowned academic heavyweights such as MIT, Imperial College London, Cambridge and Oxford Universities. It is proof of practice that public and private investment in research and development is paying dividends".
The Guinness Storehouse event hosted by Enterprise reland involves up to 10 academic promoters of new technologies pitching their projects to the investment community.