Institutes of Technology Ireland aim to double output

Institutes of Technology Ireland, the country’s umbrella organisation of technology transfer companies, is hoping to double the number of university spin-outs and the level of funding they receive by 2020.

The institutes are currently generating about €40m ($54m) to €50m ($68m) in external research funding per year. The organisation aims to double that figure over the next five years, while increasing the amount raised from industry and reducing the money coming from public actors such as Enterprise Ireland and the European Commission.

Currently, 300 companies are set up in institutes around Ireland, which the organisation expects to double to 600 by the end of the decade. At the same time, a total of 150 projects – ranging from research and development to product development – which the institutes are collaborating on with national and international industry, should double to 300 projects within the next three years.

Danny McCoy, chief at the Irish Business and Employers’ Confederation, said: “Enhancing the links between business and higher education is key to Ireland’s plan for economic recovery. The new strategy will play an essential role in this process.”