Enterprise Ireland investment to double ArcLabs capacity
Waterford Institute of Technology (WIT) has signed a €2.5 million contract with Enterprise Ireland which will fund a significant expansion of its incubation facilities in ArcLabs Waterford. The extension to its Carriganore campus will enable the Institute to double its capacity to support technology start-ups in the South East region.
Established almost 10 years ago, ArcLabs is well known nationally and internationally for the unique incubation, research and enterprise support framework it provides to entrepreneurs and technology based start-ups. Home to more than 60 companies since its foundation ArcLabs has been a key driver in the development of an ICT/mobile services cluster which has emerged in the region over the last decade.
The co-location of entrepreneurs and technology based businesses in close proximity to one of Europe’s leading ICT research centres, the Telecommunications Software & Systems Group (TSSG), provides a research and innovation hub of more than 250 scientists, engineers and technology professionals on one site. This has proven to be a very powerful model in creating leading global Irish companies such as FeedHenry and NearForm as well as attracting in ICT-based international companies into the region. Currently, 27 companies are based in ArcLabs Waterford and Kilkenny employing more than 190 staff.
WIT President Prof Willie Donnelly said: “Globally the emergence of the Internet of Things as a platform for the next generation of ICT companies provides a major opportunity for the South East. Through the expansion of ArcLabs in Waterford and its presence in Kilkenny, the region will be better positioned to build on the existing mobile services cluster and to exploit new growth opportunities in areas such as Agri-tech. This success is an important next step in the Institute’s plans for establishing an entrepreneurial platform which will accelerate the regional economic development as a global leader in the digital economy.”