€24M funding for Institutes of Technology

Mary Harney, Tánaiste and Minister for Enterprise, Trade and Employment, has revealed that 11 Institutes of Technology are to receive funding of €24 million in order to create Business Incubation Centres.

Institutes of Technology are seen as the main engines for growth in the regions, and it is hoped that this funding will help them to build upon their commercial research activities, and to extend to existing companies the technology support they need.

Making the announcement the Tánaiste said: "Employment and wealth generation in the regions is clearly dependent on growing the numbers of new technology, start-up companies and Enterprise Ireland is putting in place a strategy to build regional innovation through the Institutes of Technology.

She added: "Businesses locating in the Centres will come from different sources. Some will be started by college staff or students as a result of research and development work. Others will come from entrepreneurs outside the college who want to be near the specialist staff and facilities that the college can provide."

Building work on the Centres will start early next year, and it is hoped that by the end of 2004, most Institutes of Technology in Ireland will have an Incubation Centre.

Funding for the Centres is provided for under the Regional Operational Programmes for the BMW and the Southern and Eastern Regions. The programme is co-financed by the EU under the Structural Funds, and operated by Enterprise Ireland on behalf of the Office of Science and Technology of the Department of Enterprise, Trade and Employment and under the authority of the Regional Assemblies.

(CL)