At Enterprise Ireland’s recent Startup Showcase event, 24 of the participating firms were spun out of third-level institutions. This was the first time that this tech-based cohort, which originates from state-funded research, was showcased at the annual event celebrating startups supported by Enterprise Ireland.
Among them were Move Ahead, based at DCU, which is the first to introduce AI-powered movement analysis for children; and Akara Robotics, a spinout from Trinity College Dublin’s robotics lab, focused on healthcare disinfection.
Both of these startups were supported by Enterprise Ireland’s commercialisation fund, which offers financial and strategic assistance to help venture scientists turn their research into marketable products and become ready for investors.
Enterprise Ireland collaborates with technology transfer offices and research teams in higher education and non-profit research-performing organizations in Ireland. Together, we validate potential opportunities, develop strong applications, and ensure the right teams and skillsets are in place.
The Startup Showcase featured presentations from six renowned Irish founders who have successfully launched businesses based on research from Irish third-level institutions. These entrepreneurs shared their experiences with the commercialization process and how Enterprise Ireland’s support aided them in bringing their products to market.
Alan Barry, the founder of PlasmaBound, acknowledged that without commercialization funding from Enterprise Ireland, his work on new lightweight composites for transportation would have remained confined to a research paper.
Other panel participants shared similar stories. Ríona Ní Ghriallais of ProVerum, a medical device company, explained how the commercialization fund enabled them to assemble a team and obtain clinical advice as they navigated the regulatory and commercial aspects of their product development.
Sandra Healy, co-founder of inclusio, described the commercialization program as an innovative way to assist researchers in finding their niche and resolving issues.
Many panelists highlighted that Enterprise Ireland funding allowed them to minimize the risks associated with their propositions before seeking larger-scale funding. In addition to financial assistance, the commercialization fund program also provides valuable networking opportunities.
While commercialization funding plays a critical role in enabling innovative entrepreneurs from the research community to enter the market, it is important to recognize that other factors, such as perseverance and a reliable team, are also essential. Martin O’Reilly, founder of Output Sports, emphasized that founders need determination and support from a team to address challenges beyond their capabilities.
Enterprise Ireland is currently accepting applications for commercialisation fund feasibility grants through an open call. The deadline for proposals is 3pm on Friday, July 7th.
Dr. Barry Fennell is the senior commercialisation specialist at Enterprise Ireland.
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