Waterford Institute of Technology has secured €2.5m in funding from Enterprise Ireland, which is expected to fund an expansion of its incubation facilities in ArcLabs Waterford.
The 1,000 sq ft extension on WIT’s Carriganore campus will enable it to double its capacity to support technology start-ups in the South East of the country.
ArcLabs, which was established nearly a decade ago and has hosted more than 60 firms since, is well known for the incubation, research and enterprise support framework it provides to entrepreneurs and technology-based start-ups.
The co-location of entrepreneurs and technology based businesses in close proximity to one of Europe’s leading ICT research centres, the Telecommunications Software & Systems Group (TSSG), provides a research and innovation hub of more than 250 scientists, engineers and technology professionals on one site.
At present, 27 companies are based in ArcLabs Waterford and Kilkenny employing more than 190 people.
Commenting on the funding announcement, WIT President Prof Willie Donnelly said: “Through the expansion of ArcLabs in Waterford and its presence in Kilkenny, the region will be better positioned to build on the existing mobile services cluster and to exploit new growth opportunities in areas such as Agri-tech.
“This success is an important next step in the Institute’s plans for establishing an entrepreneurial platform which will accelerate the regional economic development as a global leader in the digital economy.”
Enterprise Ireland said the expansion of ArcLabs will contribute to achieving the target of the 30% increase in the number of start-ups in the South East.
The design phase and construction of the extension will take about 20 months and will provide high quality office and support environment for an additional 100 people on site.
The new extension of ArcLabs is supported by the Department of Jobs, Enterprise & Innovation through Enterprise Ireland.
Published by RTE News on April 8th 2016