Minister of State Tony Killeen T.D. said this week that university-based research throughout Ireland was playing a valuable role in helping the country overcome the current economic downturn.The Minister pointed out that over EUR160m has been generated this year from companies that have grown out of university-based research, which includes research projects at the University of Limerick and NUI Galway. The Clare T.D. added that more than 100 high value companies have emerged from third level institutions in the last three to five years. “This rate of company creation per EUR100m of research expenditure is comparable with world renowned academic heavyweights such as MIT, Imperial College London, Cambridge and Oxford Universities. It is proof of practice that public and private investment in research and development is paying dividends”, stated Minister Killeen.
The Minister noted the recent success of Limerick-based Powervation as an example of the success of companies that had their origins in university-based research. The University of Limerick spin-out company, which is manufacturing semiconductors for use by major communications original equipment manufacturers (OEMs) worldwide, this week announced plans to develop more than 100 jobs over the next two years. “Companies such as Powervation make a valuable contribution to the local economy. The firm, which also has offices in California, China and Cork and employs 35 people worldwide – 25 of whom are in Limerick – grew out of the Circuits and Systems Research Centre at the University of Limerick, and benefited from the Enterprise Ireland-backed Power Electronics Industry Group”, concluded Minister Killeen.
