Dáil Éireann Debate, Tuesday - 17 May 2016
1169. Deputy Tony McLoughlin asked the Minister for Jobs, Enterprise and Innovation her plans to enable the Enterprise Ireland innovation centre at the Institute of Technology Sligo to expand, given that its capacity is full and there is a waiting list to gain access; and if she will make a statement on the matter. [9612/16]
View answerThe Enterprise Ireland ‘Campus Incubation Programme’ funds the establishment of incubation (innovation) centres at third level institutions in line with the following policy objectives:
- to foster entrepreneurship and campus company activity
- to realise the commercial potential of Ireland’s research community and
- to support balanced regional development
Over the past 10 years the campus incubators have delivered a stream of sustainable companies which contribute to the local and national economy. A particular strength of the incubators in regional areas is that they provide a focal point for entrepreneurship. They deliver significant job creation and add value to the local economy with 94% of incubated companies remaining in the local area post-incubation. An independent impact review of the Programme undertaken in 2014 reported that the campus incubators have generated a return of €3.61 in company turnover for every €1 invested by the State.
The campus incubators are now providing critical ecosystems and supports for start-up companies across the country. However, many of the incubators have outgrown their initial space requirements, as the demand for campus incubator space for knowledge-based start-ups has continued to increase.
In order to continue to meet the objectives of the Programme, Enterprise Ireland opened a Call for Proposals in June 2015 for the extension of incubation facilities in the Institutes of Technology. The budget package available was sufficient to fund only three of the strongest incubator extension proposals received in the Call. In light of the highly competitive nature of such a Call the Innovation Centre at the Institute of Technology Sligo was not successful on this occasion. The funding available for future Incubator extension Calls will be reassessed when Enterprise Ireland’s 2017 budget allocation is made known.
