Minister for Enterprise and Employment, Ms Mary Harney, td, today opened the new innovation centre at Dublin City University. The centre - known as invent - is the first of its kind to be opened in an Irish university under the Enterprise Ireland business incubation programme.

Investment in the centre will be in the region of £7.3 million. Of this, the university has committed £2.5 million, the DCU Educational Trust £1.5 million, Enterprise Ireland £1.3 million and founding patrons will make up the remaining £2 million. AIB is already confirmed as a patron with £500,000. The university has set up a special purpose company into which it will put 5% of the equity of the invent companies, which in the long term will benefit DCU and the patrons.

invent's mission is to transform knowledge into commercial success and young companies will be given access to the resources of the university and the patrons to help them reach commercial viability.

'Three young companies have already moved into the centre: 3TL builds the tools that make mobile (wireless) Internet site development and publishing available to all levels of user, from the novice at home to the professional site developer and the mCommerce enterprise.

Aliope develops and markets video management techniques that enable companies to distribute and manipulate digital video archive material through any electronic device - such as desktop computers, hand-held devices, mobile phones and set-top boxes

Glenard Laboratories Ltd is a commercial testing laboratory service company designed to meet the needs of the pharmaceutical, agrochemical, biotechnology and food industries.

First Tuesday, which provides entrepreneurs with access to support services that assist accelerated, controlled growth, has also announced that it will be locating in invent. DCU is in discussion with a further 8 entrepreneurs. Mr Greag Purcell, Director of First Tuesday, said "in our view, entrepreneurial spirit is fostered and incubated in places such as invent where full support is given in its widest sense to people who have vision and determination and the will to succeed. Invent offers this. First Tuesday is excited to be moving close to what will be one of Ireland's hubs of entrepreneurial energy, a place where we believe we can also assist these new business by sharing our knowledge, our contacts and by giving access to the community which is First Tuesday on a global scale."

'"With 2,800m2 over five floors, we have capacity for up to 25 companies." Outlined Dr Tony Glynn, Director of invent. "The building is purposely designed to provide companies with flexible space. This means that companies take only the space they need with the option to expand in the future rather than renting pre-sized units."

The new venture is a concerted effort on DCU's part to promote a climate of entrepreneurship at every level. Invent will be the catalyst for the creation and development of innovation-led businesses in the North Dublin region and will simultaneously offer DCU students the opportunity to work alongside the entrepreneurs through work placement programmes and to access the dedicated concept deskspace to investigate ideas.

The Concept Desk Space is a dedicated area where budding entrepreneurs can develop ideas, undertake feasibility studies and carry out market research on the commercial viability of their ideas. The Concept Desk Space offers access to a workstation, pc, the internet and most importantly, the entrepreneurial atmosphere of the centre, invent facilities and supports and DCU's academic infrastructure expertise.

Invent will focus on a range of innovation areas and will facilitate companies that relate to or interact with DCU's multi-disciplinary research facilities and centres - ranging from plasma science to sensors to communications engineering and biotechnology. The unique value of invent will be the support given to the young companies and the access they will have to areas of expertise within the university.

DCU has a tradition of developing multi disciplinary research - there are four such centres on campus focusing on plasma science, sensors, networks and communications engineering and cellular biotechnology. New enterprises setting up in invent will benefit greatly from this inter-faculty approach.

The invent board comprises:

• Mr Des Byrne, MD Wavin Ireland as Chair
• Professor Ferdinand von Prondzynski, President of DCU
• Ms Sharon Kennedy, MD Eirco Web Services Ltd
• Mr Feargal O'Morain, Director, Science, Innovation and Corporate Support Services, Enterprise Ireland
• Mr Paul Kerley, CEO & President, Norkom Technologies Ltd
• Mr Warren McKenzie, Chairman, The Redmond Group USA
• Dr Ena Prosser, Director, Strategic Technology Analysis, Elan Corporation
• Dr Tony Glynn, Centre Director, Director of IBR
• Mr Frank Soughley, DCU Head of Finance
• Mr Martin Conry, DCU Secretary

"Our commitment to invent is based on a belief that the environment here in DCU will greatly help young companies to reach commercial viability. By clustering young companies with academic research facilities and exposing them to financiers, other potential investors and state support services, we believe we will give companies in invent a valuable launching pad." Said Mr Des Byrne, chairman of invent "Entrepreneurs will have access to a purpose build environment where they will be surrounded by like-minds. They will be part of an innovative community."

For further information: Leah Lynch, Invent | 700 5721
Eilis O'Brien, Communications & Marketing | 700 5217 or 087 205 7125