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Sean Sherlock TD, Minister for Research and Innovation, today [Wednesday] announced that the Government has approved the drafting of a bill to extend the remit of Science Foundation Ireland to include funding of applied research in order to support the development of research findings into commercial opportunities.

The Bill will also provide for Science Foundation Ireland to focus its funding on areas of research which have the potential to deliver the greatest return to the economy.

This is in line with the provisions in the Programme for Government regarding accelerating the exploitation of research and turning inventions into products.

Minister Sherlock stated: "SFI has been successfully supporting research teams carrying out oriented basic research in higher education institutions, but this research is typically at an earlier stage than applied research which would involve companies carrying out research necessary to bring products or services to market."

Minister Sherlock continued: "There is a gap between funding for oriented basic research by SFI and supports from Enterprise Ireland and IDA to companies for applied research opportunities. This extension will fill the gap and provide better support to enable ideas generated by Irish research groups to be further developed and commercialised".

The proposed Bill will also ensure that the strategic focus of SFI is aligned with areas that have the greatest potential to deliver sustainable economic return through enterprise development, employment creation and quality of life. A Research Prioritisation Group chaired by Mr. Jim O’Hara, formerly of Intel, has completed work on the identification of priority areas for Irish research and this report will be published shortly. SFI’s strategic focus will be aligned with these areas.

The Bill will also make it explicit that that the development of employment in the State is included as part of SFI’s overall objective of supporting the future development and competitiveness of industry and enterprise in the State.

The Bill will also provide Science Foundation Ireland with the legal power to fund research projects related to its strategic areas of focus in Northern Ireland and, subject to the consent of the Minister, participate in collaborative funding schemes, related to its strategic areas of focus, with countries of the European Economic Area or other countries.

The Bill will now be drafted by the Office of the Parliamentary Counsel in the Attorney General’s office.

Minister Sherlock concluded: "I hope that following the drafting of this Bill it will be enacted as soon as possible this year".