Enterprise Ireland and Mayo Clinic team up aiming to create ten 'spin-out' firms
ENTERPRISE Ireland and the Mayo Clinic have teamed up in a deal that aims to create ten spin-out firms over a five-year period.
The relationship means that early stage medical devices and treatments, invented at the famous US clinic, will be developed into 'market ready' products by Irish universities.
While the Mayo clinic is a world leader in research, the Minnesota-based not for profit clinic says getting research products ready for market stages is expensive.
So it is teaming up with Enterprise Ireland which has commercialisation funds and expertise in the area.
Over 20 ideas will be passed on while Enterprise Ireland will provide €12m in funding as well as access to experts in universities and academic institutions here in an agreement launched today by Taoiseach Enda Kenny.
The first project is a device for treating acute pancreatitis and it is already being developed at NUI Galway.