Intertrade Ireland
InterTradeIreland has a vision of how to achieve success in that area, according to Aidan Gough, Strategy and Policy Director.
It involves creating a well connected all-island innovation system that puts enterprise at its centre that will ensure creative ideas are nurtured quickly and effectively.
“Our aim is to have the island of Ireland recognised internationally as a centre of innovation excellence and to achieve this we have to create an island-wide ‘innovation ecosystem’.”
Gough explains, “Open innovation is often seen as the preserve of larger firms with access to corporate venture capital,” he says. “However, small and medium-sized enterprises (SMEs) can also adopt strategies through innovation partnerships and networks.”
The innovation ecosystem envisaged by InterTradeIreland (see Figure 1) will provide better use of existing resources by putting individual enterprise at the centre of the process.
“Our focus is on the enterprise and ensuring it can access all the resources needed to engage in innovation,” says Gough. Its Business Monitor survey, carried out earlier this year, shows that most firms are interested in the idea.
The survey says that 71 per cent of companies plan to undertake new innovative activity over the next 12 months. Companies are realising the importance of marketing their goods and services in an innovative way, with 25 per cent already using social media to promote their business.
“Overall, there are some very encouraging signs from the survey,” he says. “Results from our Business Monitor show that companies that embrace innovation and diversification are out performing those that don’t.”
In developing this innovation ecosystem, InterTradeIreland’s focus is on what Gough calls the three Cs: create, connect and commercialise.
“Our aim is to develop an open system of innovation across the island that can provide for a more efficient and effective use of resources to the mutual benefit of Northern Ireland and Ireland, avoiding duplication and taking advantage of each other’s strengths to create scale in both excellence and opportunity,” he explains.
The focus will be on SMEs. “Over 70 per cent of InterTradeIreland’s budget is spent helping to build innovative capability and capacity in SMEs. Through our programmes and support, we are helping companies spark innovation- from cutting edge pharmaceutical companies to manufacturers and mushroom farms.”
Fusion
Among the most important of the programmes it offers is Fusion, which fosters partnerships between business, academia and graduates.
“Through our Fusion programme, support packages worth up to €33,150 are available to companies to undertake a 12-month innovation project,” says Gough.
A participating company is partnered with a third-level institution with the specialist expertise it needs, along with a high-calibre science, engineering or technology graduate.
The results of the programme are impressive. On average, each company taking part benefits from more than €1.15 million worth of sales or efficiency savings in the three years following the project.
Fusion can help a business develop or improve products, processes or services; streamline processes to increase efficiency and performance; develop and implement new technologies, systems or processes; improve capabilities in innovation, design and technology; reduce costs; and increase sales.
Innova
InterTradeIreland’s company-to company Innova Programme helps firms form strategic partnerships with companies offering complementary expertise in the opposite jurisdiction.
Funding worth up to €285,000 per project can be claimed to accelerate new product, process or service development.
“Through Innova, we have released over €5 million to north-south company partnerships to date,” says Gough.
Typical business benefits include the development of new or improved products, processes or services; faster commercialisation; sharing otherwise inaccessible knowledge, technology and expertise; access to complimentary expertise and networks; and channels to market from the new business partner.
One company that has benefited from the Innova programme is Intelesens, a medical devices design and manufacturer in Belfast. Innova helped the company to partner with Valentia Technologies, a health software firm in Dublin.
As a result of the partnership, they have developed a device that is worn by a heart patient in the home to monitor vital life signs in real-time and transmit information directly to the hospital, GP, care-worker or family member.
“The funding support will allow both companies to evaluate the groundbreaking management of the health of cardiac patients in their own homes by hospital-based cardiac specialists.” says Gough. “Which has real global commercial value.”
Innovation challenge
A recent addition to InterTradeIreland’s portfolio is the Innovation Challenge programme, which aims to transform business prospects in just nine months through mentoring support.
“These are just some of the programmes through which we are supporting the creation of the island-wide innovation ecosystem,” says Gough.
Others focus on such areas as research and development, networking and equity advisory services such as the All-Island Seedcorn business competition and the Halo business angel network.
Cross-Border co-operation can also enhance the islands international recognition as an area of research excellence.
The US Ireland R&D Partnership has resulted in 8 projects in internationally recognised research collaborations in nanotechnology, sensor technology diabetes and cystic fibrosis and has been extended to telecommunications and energy sustainability.
“It’s all about connectedness and that’s what we are aiming to foster through all of these programmes – connectedness with other companies, with research or with finance or with all three to facilitate and promote innovation.”
For more information contact InterTradeIreland on 01 614 6184 or visit the website www.intertradeireland.com
