Minister for Communications, Energy & Natural Resources Pat Rabbitte revealed that his department would be investing €17.5 million in the National Digital Research Centre (NDRC) over the next five years.
The Minister spoke at the launch of the 2012-2013 NDRC annual report, where it was detailed that the market capital value of ventures emerging from NDRC increased by more than 100% in 2012 and is projected to reach €91 million by the end of 2013. NDRC-backed ventures have so far attracted over €16 million in follow-on investment.
Minister Rabbitte said: "It is essential for the country’s recovery that home-grown ideas are nurtured to such point that they can flourish in their native environment and contribute to sustainable growth and this forms part of our action plan for jobs… The results being announced here today demonstrate that, and I am pleased to announce the Government’s on-going support to the essential work of the NDRC for the foreseeable future."
The report said that cumulative follow-on investment for NDRC spin outs nearly trebled in just one year from €5.7 million in 2011 to a total of €16 million by end of 2012.
Cumulative follow on investment is expected to at least double again to reach a total of €32 million by the end of 2013.
The market capital value of NDRC-enabled ventures increased from €14.9 million in 2011 to €39 million in 2012 and is scheduled to reach €91 million by December 2013.
NDRC-backed digital companies have directly created 250 jobs between 2008 and 2012 with at least another 50 set to come on stream this year.
NDRC’s core purpose and continuing mission is to bridge the gap between research and ventures in the digital space by harnessing the dynamic entrepreneurship which exists in Ireland’s knowledge economy. NDRC invests pre-seed capital in its supported businesses, provides quality mentoring and attracts private investment into those businesses as they accelerate outwards into the market.
NDRC programmes include VentureLab, a tailored science and technology accelerator; LaunchPad which is Ireland’s first digital accelerator; and SandBox, a range of pre-seed development initiatives representing the earliest engagement for emerging ventures within the NDRC process.
New ventures emerging from NDRC over the last year include the music app Soundwave; online health provider Silvercloud Health; data analytics company Boxever; and cloud software company LogEntries.
NDRC CEO, Ben Hurley, said: "NDRC’s status within Ireland’s innovation ecosystem has undergone a fundamental change: NDRC is now proven and recognized as that earliest stage investor that is capable of making high-impact ventures happen, and we continue to go from strength to strength with our innovative spin outs receiving record levels of investment and creating jobs in the process."
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