Pictured far right (l-r): Irish Ambassador to America, Michael Collins, ITLG’s John Hartnett, Chancellor Mary Robinson, Provost of TCD, Dr John Hegarty & UCD President, Dr Hugh Brady.
Following a series of meetings in Washington, the UCD/TCD Innovation Alliance and the Silicon Valley-based Irish Technology Leadership Group (ITLG) have agreed to collaborate on a number of projects aimed at creating an innovation eco-system in Ireland.
Beginning in October, the ITLG will provide mentors and participants for the innovation workshops on the UCD/TCD Innovation Academy graduate training programme. The ITLG will also participate in a diligence process to maximise the partnership’s joint potential to foster innovation and to create new businesses
In a move designed to attract investors and funds from both the US and Ireland, under the aegis of the ITLG, a new operation: Irish Technology Capital (ITC), will open offices in San Jose, California and in Dublin. ITC aims to attract $100 million venture funding and will be co-led by Chairman of ITLG, Mr John Hartnett and Silicon Valley venture capitalist, Dr Richard A Moran. The venture capital fund will focus on high-potential Irish start-ups
“The multi-prong partnership between the ITLG and the Innovation Alliance will drive a fundamental change in PhD training and business development that should establish Ireland as a European hotbed of innovation and enterprise creation,” said Dr Hugh Brady, President of UCD.
“The new actions agreed with the ITLG are a major first step in realising the goals of the UCD/TCD Alliance. Connecting into Silicon Valley, the heart of innovation and venture capital, for both graduate training and business investment is a breakthrough for Ireland,” said Dr John Hegarty, Provost TCD.
Together UCD and TCD educate 50% of Ireland’s undergraduates in science, engineering and technology as well as 50% of Ireland’s PhDs. The two universities also account for 50% of Ireland’s research investment and research outputs. They have a strong track record of collaboration in areas such as chemistry, molecular medicine, bioprocess engineering and digital research.
The Innovation Alliance has two major components. The UCD/TCD Joint Venture in Enterprise Development builds on the universities’ existing technology transfer operations and enterprise facilities. The 4th level UCD/TCD Innovation Academy mainstreams innovation as the third arm of the university mission alongside education and research.
