Science & BusinessIrish government urged to heed entrepreneurs to rebuild economy
An Irish scientist and entrepreneur urges to government must do more to protect investment in research to encourage the creation of ‘‘world class’’ Irish companies; Donald Fitzmaurice said there were three ‘‘key enabling technologies’’ in the world — biotechnology, nanotechnology, and information and communications technology. ‘‘They are important on their own but when they converge, they open up new important possibilities, such as new materials, artificial intelligence, modified biological entities”
The Irish government must listen to entrepreneurs and protect investment in research to encourage the creation of ‘‘world class’’ Irish companies, according to a leading scientist and high-tech investor. Professor Donald Fitzmaurice, the founder of several companies and a director of venture capitalist ePlanet Ventures, said there should be a formal forum for entrepreneurs to engage with the government. He suggested that space could be created in the Seanad, which he described as ‘‘a repository for sub-quota individuals’.’
The Post.ie’s Gavin Daly writes that Fitzmaurice, who has advised the government as a member of the Advisory Council for Science, Technology and Innovation, said there was also a need to become more efficient at creating companies from university research. ‘‘The challenge for Ireland is to become truly world-class at doing that,” he said. ‘‘We want people to come and live in Dublin because there is high-quality research at universities that they can turn into companies and create employment and wealth.”
Fitzmaurice said that entrepreneurs were attracted to places like Cambridge and MIT because of the business opportunities developing from research. ‘‘Each Irish university has to surround itself with a cohort of experienced chief executives and investors to work with,” he said.
He said he saw some “‘bright spots that prove it can be done,” with a number of companies successfully spun-out of research. They included Biancamed, which was created out of research at University College Dublin and recently completed a $6 million funding round. The firm has developed technology to measure heart and respiration rates using radar and has ‘‘true world-class potential’’, according to Fitzmaurice, who is chairman of Biancamed. ‘‘They have practically not put a foot wrong and everybody should take some credit for that - the university, the innovation office, the funders, the government agencies.”
‘‘In the medium to long term, there are very good arguments to invest in innovation and knowledge creation. We live in the real world where the government has to make tough decisions, but I hope they take the medium to long-term view because, overall it is the right thing to do for the economy and the country.”
A professor of nanochemistry, Fitzmaurice founded nanotechnology firm Ntera ten years ago from his research at University College Dublin. It has raised about €40 million in backing. He is also a founder of TopChem Laboratories, which has raised about €4
