DCU INVENT

Cross-Border Project Launched as Hunt Starts for New Business Projects

A new project which aims to trawl, assess and screen more than 600 business ideas from a range of sources and implement those with greatest potential on a cross border basis was launched this morning at Narrow Water Castle near Newry.

The £2.56m VITAL cross-border initiative funded by the EU's INTERREG IVA Programme, managed by the Special EU Programmes Body will focus on seeking and implementing innovative ideas in Northern Ireland (outside the Greater Belfast area) and the six border counties of Cavan, Donegal, Leitrim, Louth, Monaghan and Sligo. The project is a partnership between Queen's University Belfast, Dublin City University and is led by Dundalk Institute of Technology.
VITAL aims to identify and assess more than 600 ideas. These ideas will be evaluated down to 160 commercially viable ideas with potential and of those it is envisaged that at least 30 will be matched to existing SME and seasoned entrepreneur 'implementers'.

Kieran Fegan, director of the VITAL project based in Dundalk Institute of Technology's Regional Development Centre says: "VITAL is targeting the cross-border region because of the need for economic pump-priming. The project will engage in a process of sourcing, screening and assessing ideas for an ideas repository aiming to start with a crop of more than 600 ideas which will be tested for market suitability and potential. Following a rigorous triage we will then have at least 30 viable projects which will be matched to implementers and fast tracked to market" Kieran continues "We want to hear from individuals from throughout the region and beyond who believe they have good ideas and who don't have the time, expertise, knowledge and networks to make them happen"

The ideas will come from a wide range of sources including inventors, practitioners, third level sector intellectual property, patent databases and international licensing opportunities.
The VITAL initiative will then provide assistance with fast tracking the route to market, where appropriate, through one-to-one mentoring, consultancy, access to market knowledge and priming funding if required. "We are looking for seasoned entrepreneurs who are looking for new opportunities to get in touch with us. We are also calling on SME owner managers to get involved" says Mr. Fegan.

"The VITAL project makes available the intellectual property (IP) of inventors to grow the SME base and it also makes available existing IP held by the three educational establishments which has the potential to give talented technology entrepreneurs access to new evaluated opportunities" added Mr Fegan.

Welcoming the project's launch Lorraine McCourt, Director with the Special EU Programmes Body, said; "This is a truly innovative cross-border project which bridges the gap from that great business idea to its practical implementation. It will provide a holistic suite of business support interventions and tailored training opportunities that will enhance the competitiveness of all participants".

Interested individuals and companies can register their interest on the www.vitalforideas.com website. VITAL project managers can provide further information if needed and can assess the suitability of those individuals and companies to participate. There is no charge for participating in the VITAL project.

Match-funding for the project has been provided by the Department of Enterprise Trade and Investment in Northern Ireland and the Department of Jobs, Enterprise and Innovation in Ireland.