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Many new Irish companies are crying out for a facility like Invent, according to Leah Lynch, marketing executive at Invent. "With the way the Irish economy is going, it is becoming clear that we need more high value Irish companies. We cannot depend on foreign companies coming to Ireland, because they might pull out."
Investment in the centre will be in the region of IEP7.3 million. Of this, the university has committed IEP2.5 million, the DCU Educational Trust IEP1.5 million, Enterprise Ireland IEP1.3 million and founding patrons will make up the remaining IEP2 million. AIB is already confirmed as a patron with IEP500,000. The university has set up a special purpose company into which it will put five percent of the equity of the invent companies, which in the long term will benefit DCU and the patrons.
According to the University, Invent's mission is to transform knowledge into commercial success and young companies will be given access to the resources of the university and the patrons to help them reach commercial viability.
Three companies have already moved into the centre and nine others including First Tuesday, have expressed interest. The three that are moving in include 3TL, which, builds the tools for mobile Internet site development, Aliope, which develops and markets video management techniques, and Glenard Laboratories, a commercial testing laboratory service company.
"We provide desk space for budding entrepreneurs that have come up with a good idea," Lynch said. "They have access to the Internet, a fax, telephone, printers, a boardroom and get support in doing their marketing research and writing their business plan. They will meet up with other budding entrepreneurs and this will give them the opportunity to bounce off ideas."
Invent will also house companies that have already completed their business plan and are just starting up. "We provide them with extra space in case they want to expand," Lynch said. "I expect that most companies will expand rapidly. They can stay in Invent for a maximum of three years."
"DCU is keen to launch Invent, because it feels the need to give all the knowledge that is built up a practical use," Lynch added. "Often research is done just for research's sake. We would like to see the knowledge applied in the outside world."
The centre can accommodate a total of more than 250 employees, has five floors and 2800 square metres of office surface.
For more information visit http://www.invent.dcu.ie
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