DCU’s innovation centre had an income rise of nearly €1 million this year while losses dropped significantly.
Invent DCU Ltd, located on Glasnevin campus, was originally set up in 2001 to forge better links between researchers and industry and has since continued to thrive.
The centre cut pre-tax losses by €200,000 in the 12 months ending September 2015 according to records of recently filed accounts.
Income, which is mainly derived from the renting of office space, nearly doubled since the previous year rising from €521,288 to €952,241.
The purpose built centre has almost 3,000 square metres of incubation space for technology start up firms and works with companies and researchers to promote innovation, knowledge transfer and commercialisation through licensing and start-up companies.
Over 150 companies have been based at Invent over the years and currently the centre houses firms such as Cruatech, KanTanMT and Pilot Photonics as well as many others.
Chief executive at Invent and DCU’s director of innovation, Richard Stokes said, “The Invent centre is 100 per cent occupied with companies who are a mix of spin-out companies and spin-in firms. The attraction and appeal of locating on and in close proximity to the university is access to our industry-relevant research and the deep expertise of our interdisciplinary scientists and engineers.”
Stokes also confirmed that there are presently 21 firms located at the centre on the main campus as well as another 35 on the Alpha campus.
In addition to this, the accounts showed that Invent owed over €5.7 million to a number of related companies at the end of last year, which included €3.37 million to DCU itself and another €1.8 million to DCU Commercial Limited.
Image Credit: Darragh Culhane