In April 1995 the Government approved a pro posal to investigate the feasibility of establishing a science and innovation centre at Citywest Business Park, Dublin.
In the light of this decision a sum of £2.1 million, has been invested by the State in the period 1997 to 1999 through the Vote of the Department of Enterprise, Trade and Employment in the Dublin Science Technology and Innovation Centre, now called Growcorp Limited. The main proportion of this expenditure relates to construction costs of the centre.
The primary mission of Growcorp which commenced operations in May 1999 is to develop a world class reputation and identity as a centre of excellence for entrepreneurship in informatics and associated health sciences through the global commercialisation of client company products fostered in an environment of innovative business support systems. The Growcorp building is connected via fibre to the digital park backbone and each module within the building has state of the art communication services available to each workstation. The building was designed and has been outfitted to present a world class corporate image for client companies. The centre supports the creation of a significant number of high value added jobs in research and development, marketing and administration.
Since opening in 1999, Growcorp has incubated 14 start-ups in the information and communication technologies, ICT, and life science sectors. Three of these have grown satisfactorily and are now located in their own facilities. Eleven start-ups continue to be incubated in Growcorp. A total of 144 high value added jobs have been created to date and it is expected that the projected employment of the 14 companies could reach a combined total of 280 jobs by the end of 2000. The initial companies established in Growcorp have performed well and their success has established that Growcorp has the necessary business support services facilities and expertise to enable companies to grow swiftly and successfully in a supportive environment.
It is anticipated that Growcorp will continue to incubate about ten companies a year. Companies are identified for incubation where the projected employment levels can average 11 high value added jobs in the first year of operation and have the potential to be major players in the global marketplace within three years.
From the outset Growcorp has briefed the third level sector on its initiatives. A pilot programme was started with the Institute of Technology Tallaght to support individuals who have no prior business experience but have a novel idea for the development of a life science product or service. The first group of ten participants will complete this one-year training programme in October 2000.
