NovaUCD, the tech transfer unit and incubator of the University College Dublin (UCD), has announced plans to contribute €87.7m ($121m) annually and create 1,200 new jobs in the local and international economy by 2016 through its commercialisation activities.
The plan comes after NovaUCD revealed it had directly and indirectly created over 1,300 jobs (1,056 of which were in Ireland) and currently contributes €47.7m annually to the local and international economy, €36.6m being in Ireland.
Since launching in 2003, NovaUCD has supported the launch of 126 firms through its incubation services and 30 UCD spin-outs. Its activities have raised an income of €5.2m over that time, and companies supported by NovaUCD have raised €91m in equity funding with a combined annual turnover of €71m.
Peter Clinch, UCD vice president for innovation, said: “They say a journey of a thousand miles starts with a small step; at NovaUCD we support and develop high-tech and knowledge-intensive companies at the start-up phase of development in a world-class incubation facility. At NovaUCD we provide comprehensive support programmes and a peer-support system that has nurtured an enthusiastic and dynamic community of talented entrepreneurs and companies which have gone on to achieve considerable success on the global stage. The impact of NovaUCD has been far greater than could have been imagined 10 years ago when it officially opened and I have no doubt that an exciting future lies ahead for NovaUCD.”
