Annual report shows strong growth in commercial funding for emerging ventures
Minister Bruton announces 70 new jobs to be created over the next six months in innovative digital companies
National Digital Research Centre reports strong growth in commercial funding for emerging ventures as Minister launches annual report
Over 250 jobs created through NDRC to date as cumulative investment in NDRC supported ventures rises to €9.6 million
70 new jobs are to be created over the next six months in companies supported by the National Digital Research Centre, the Minister for Jobs, Enterprise and Innovation Richard Bruton TD said today.
Minister Bruton today launched the NDRC annual report, which shows a doubling in the cumulative level of commercial follow-on investment into high potential digital technology companies promoted and supported by NDRC. This follow-on investment has led to a substantial number of new jobs among NDRC backed ventures.
Minister Richard Bruton, T.D, said, “A central part of the Government’s plan for jobs and growth is creating a powerful engine of indigenous enterprise, and we are particularly targeting high growth sectors such as digital technology for support. Today’s announcement that companies supported by the National Digital Research Centre have created over 220 jobs and will create a further 70 new jobs over the next 6 months is evidence of what is possible in this sector. I am determined to ensure that we can build on announcements such as this to support more companies expanding in this way and to create the jobs we need”.
- Cumulative investment from commercial investors into ventures emerging from NDRC doubled to €9.6 million, building strongly on last year’s figure of €4.8m.
- The valuation of ventures emerging from NDRC has nearly trebled, from €10.1m in last year’s report to €28.8m in this report.
- Over 70 projects and businesses have emerged from the NDRC portfolio in the past four years. To date, ventures emerging from NDRC have created 155 new full time jobs and 66 part time jobs (221 jobs), rising from 36 last year. This is over 250 new jobs created through NDRC backed ventures.
- A further 70 new jobs will be created by these businesses in the next six months.
- During the year, over 300 start-up opportunities were evaluated and advised by NDRC and close to 1,000 researchers, entrepreneurs and innovators participated in NDRC events related to innovation across a range of digital industry areas.
NDRC (National Digital Research Centre) is Ireland’s first and only company that is exclusively focused on repeatedly transforming innovative ideas – particularly from the Irish science base – into viable, investment-attracting new ventures. It plays a key role in bridging the gap between the State’s research investments and their potential impact for the economy in the form of jobs, economic growth, and an enhanced innovation environment. NDRC invests pre-seed capital in its supported businesses, provides quality mentoring and attracts private investment into those businesses as they accelerate outwards into the market.
NDRC’s programmes encourage innovation and digital technology start-ups targeting sectors including Data Analytics, Mobile, Education, Enterprise, Media & Communications, Content Technology and Consumer Services, among others.