I am very glad to be invited to the launch of the NDRCs Annual Report for 2012-2013, and I welcome the good news contained in the report about the on-going success of the NDRC in translating innovative digital research into commercial returns. The unique role the NDRC plays in the research-to-venture gap in Ireland’s digital economy is well illustrated in pages 14-15 of the Annual Report. The NDRC provides an important link in the value added chain which translates ideas from Ireland’s research sector into commercial and economic success in the marketplace.
We need Irish innovators to create products here which are adopted globally and to set up and scale world beating businesses which retain high levels of Irish input. NDRC programmes, like the new NDRC VentureLab concept for science and technology projects, are designed to help achieve just that. The VentureLab stream of projects shows the on-going innovation by the NDRC in the way it interacts with research centres to help translate technology research into ventures which can boost the Irish economy.
For that reason I am glad to say that I recently approved €17.5m in fundingfrom my Department for a second five year funding round for the NDRC up to 2018. This will enable the NDRC to continue to build strong links with the research sector to ensure that the investment in research is capitalised on. This is on top of the €25m in Exchequer funding paid to the NDRC between 2007 and 2013, and shows the commitment of the Government to the NDRC’s unique mission in Ireland’s research-commercialisation ecosystem.
Leaders of the NDRC I am sure I can say that they could productively use even more state funding but, in the circumstances in which the country finds itself, I am very pleased to have been able to persuade colleagues focussed on more urgent and immediate demands that funding of this order be approved. We did this because, after detailed searching we are persuaded of the unique role of the NDRC.
As the Annual Report shows, NDRC ventures have created 250 jobs and have secured more than €16m in follow-on investment to date, with a lot more in the pipeline. This is an important contribution to the key high tech sector in the Irish economy and the NDRC is set up to build on these results in the future. In these times of constricted Exchequer resources, the ability to attract investment from the marketplace is important to multiply the benefits of State investment in the science and technology sector.
The collaborative role of SMEs with research bodies in projects which are developed at the NDRC is also an important dimension to the NDRCs role, as it brings research capacity to bear on innovative business ideas coming from SMEs, a key sector in the Irish economy.
I commend the NDRC on the valuable work it has carried out and its impressive results to date in bringing digital media projects to commercial fruition, as shown in its Annual Report. I also wish to take this opportunity to acknowledge the significant contribution which the NDRC made to the Digital Agenda Assembly which was held in Dublin last June, a flagship event of Ireland’s Presidency of the EU which attracted participants from throughout Europe and beyond.
I wish to thank the Chairman of the NDRC, Dr Sean Baker, and the CEO, Mr Ben Hurley for inviting me here today to launch the NDRC’s Annual Report and I wish them on-going success in bringing the NDRC forward in the next 5 years.