It’s an economic truth, universally acknowledged, that innovation is at the core of most successful businesses.
Actually being innovative, however, is easier said than done. Which is why centres of incubations are so necessary. Ireland can proudly boast nine university incubation centres, six university bio incubation centres and 15 Institute of Technology incubation centres, all contributing to making this country one of the globe’s most exciting places for both research and development, and in which to do business.
At the heart of all this, you’ll find NovaUCD. Located on the campus of University College Dublin, this state-of-the-art facility, which opened its doors in the lovingly restored 18th century Merville House in 2003, wants exciting new ventures, visionary entrepreneurs and most importantly, big ideas. What it offers is an extensive business support programme for the client companies based there, with advice, seminars and workshops, plus access to NovaUCD’s extensive network investors, researchers and business leaders.
The centre came about via a unique public-private partnership, with six private sector sponsors contributing 75% of the €10 million raised to develop the first two phases of the complex. Additional funding for facilities and equipment to accommodate biotechnology start-up companies to the tune of €1.3 million came via Enterprise Ireland and UCD.
The breadth of the new ventures in motion here is impressively broad: think renewable and wireless energy, medical devices, ITC and biotech, for starters. Companies such as Coleface, a trading network built by traders for traders; Zeeko, which helps parents and teachers to help children protect themselves online, and 4PM, which builds property portals. It can also count over 80 companies among its alumni.
One of these, Genomics Medicine Ireland (GMI), announced in 2018 that is was to create 600 jobs as the result of a €350 million Investment Programme – and GMI is just one of many success stories coming out of NovaUCD.
Carrick Therapeutics is another. Established in 2016 with the aim of building Europe’s leading oncology company, it brings together world-class cancer researchers and drug development experts. Backed by some of the most eminent scientific investors it has raised $95 million in funding. Its co-founder, Dr Elaine Sullivan, was named the 2018 EY Emerging Entrepreneur of the Year TM (EOY) Award.
It’s the support programme that NovaUCD makes it so attractive to startups. There’s the possibility of collaborating with UCD college researchers for one, as well as the advice available on topics from business plan development, grant and funding applications, introduction to potential investors and advisers and the opportunity to participate in UCD internship programmes. If they need specific advice, there’s a host of resident experts there to guide them, with legal advice available from Arthur Cox Solicitors, finance and tax information from Deloitte and banking and finance planning from AIB Bank.
UCD outlines its four innovation themes thusly: inspiring creative and innovative graduates; putting knowledge to work through applied research; partnering with industry and the public sector, and growing and supporting new business. NovaUCD is doing all of this and more. Expect great things.
Claire is a Dublin-based journalist who contributes to a wide range of publications including The Irish Independent and Image magazine. She occasionally reviews restaurants, and loves a good crime novel.
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