Minister for Research and Innovation Seán Sherlock has opened a call for proposals from Irish Research Performing Organisations under Phase 2 of the Technology Transfer Strengthening Initiative.
The €22 million initiative is intended to build on the achievements of the initial five year programme, and will significantly boost interaction between industry and higher education institutions.
Minister Sherlock said: "The first phase of the Technology Transfer Strengthening Initiative has proved to be a very valuable means of developing third level research into new spin-out companies and of enabling the licencing of new technologies for the benefit of industry… I believe that it is important that Ireland develops a reputation in industry circles for providing access to intellectual property in a professional and efficient way.
"By building new companies and bringing fresh ideas from the research environment to the attention of existing industry in a useable format, we will create employment and generate increased exports, both of which are critical to our economic recovery."
Introduced by Enterprise Ireland in 2007, the Technology Transfer Strengthening Initiative has produced a three-fold increase in the average number of spin-out companies created in the five year period since its intriduction – rising from an average of seven per annum in the period 2002-2006 to an average of 24 between 2007 and 2011.
In addition to the 120 spin-out companies created, there has also been a 400% increase in the amount of technologies licensed to companies by research performing organisations.
A second phase of the project is set to tackle the issue of how companies can gain rapid access to intellectual property.
Proposals are expected from Irish Higher Education Institutions before the 30 March 2012 deadline.
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