Thursday 17 April 2014

NovaUCD adds nearly €37m to economy

Days after the launch of the first of seven State-backed scientific research centres, new findings have demonstrated the value of commercialising university research.

UCD start-up incubator Nova has supported 1,000 Irish jobs and contributed nearly €37m to the economy, according to a new study.

It provides support for hi-tech start-up companies and commercialises research from UCD academics. The release of findings on its contribution to the economy coincides with NovaUCD's 10th anniversary.

Since 2003, UCD has agreed 81 licensing deals with Irish and international businesses and filed 318 patent applications.

Some 30 new spin-off companies have been directly created from this research, while another 126 start-ups have used Nova's incubation services.

Today these companies have a combined annual turnover of €71.2m and have raised €91m in equity funding. They expect to create 851 new jobs over the next three years, with 630 of these to be based in Ireland.

Irish Independent

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