PRIVATE investment in emerging companies supported by the National Digital Research Centre (NDRC) grew strongly in the past year, the organisation’s annual report showed.
More than 200 jobs have been created at NDRC-backed firms to date, with plans to create a further 70 in the next six months. Of the jobs already in place, 155 were full-time positions, with 66 being part-time. That compares with a total of 36 jobs recorded last year.
The announcement of further jobs was welcomed by Minister for Jobs Richard Bruton, who said it was evidence of what was possible in the 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.”
According to the report for 2011-2012, the cumulative investment in the ventures was €9.6 million, a doubling of last year’s €4.8 million. Meanwhile, the valuation of the ventures almost trebled to €28.8 million, compared with €10.1 million in the previous report.
Chief executive Ben Hurley said it was a clear indication that the NDRC’s investment of about €15 million was showing great value creation for collaborators and great impact returns for the economy.
Hurley pointed towards this week’s announcement of about 900 prospective jobs for food group Kerry by 2016 as an example of how businesses can be built if given time. “That’s a sector that has had investment for many more years than the digital sector has had in this country, but it’s a great indication of what indigenous talent can produce in this country when it’s put to work.”
The NDRC backs ideas and projects at an early stage, helping to commercialise them. It has a number of investment programmes that help entrepreneurs and researchers turn their intellectual property into products and high growth businesses.
