NDRC-backed technologies secure €4.4 million, report

Trade

6 October 2011

NDRC-based technologies have experienced a tenfold year-on-year increase in secured investments and a cumulative investment figure of €4.8 million to date – that’s according to its annual report for 2010-2011. The NDRC portfolio included over a dozen emerging enterprises with a combined market capital value of €25 million. Thirty six sustainable jobs are being created from these new ventures.

Launching the report, Minster for Communications, Energy and Natural Resources Pat Rabbitte (pictured) said: "The Irish Government is committed to investment in innovation as a key contributor to the sustainable development of our economy. I commend NDRC on its strong results this year and its success in delivering innovations that attract follow on investment into the companies that emerge from NDRC collaborations. NDRC is creating market capital through market-inspired, research-driven innovation".

Ben Hurley, CEO, NDRC, said: "In 2007 we introduced an original business model of collaborative innovation, bridging the gap between research and commercial enterprise; the results presented in our Annual Report show that this model works. We are now attracting commercial, return-seeking investment from the private sector both at home and abroad while creating employment of the type which will retain Ireland’s graduates and provide careers in high growth sectors." Mr Hurley concluded "We have detailed our growth projections through to 2016, forecasting €35 million in export sales over the next five years; we look forward to realising these goals."

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