Business and Careers Editor Vanshika Dhyani gives readers an insight into the €10 million investment aimed at boosting Irish innovation
Last year marked the 20th anniversary of UCD’s innovation hub, NovaUCD. A report was launched to coincide with the anniversary, by Minister of State Neale Richmond and UCD President, Professor Orla Feely, in October 2023.
Over the past two decades NovaUCD has played a critical role in nurturing the Irish economy. The hub has supported more than 550 early-stage ventures, 70 of which were UCD spin-outs, and the supported start-ups have secured over €1.3 billion in funding. Supported start-ups plan to create over 1,100 jobs over the next two-years. The impact of a university based hub is undeniable, with 1,165 inventions reported by UCD researchers alone.
What started as the University Industry Programme in the 1980s, with a primary focus on the commercialisation of intellectual property of UCD researchers, has since become Europe’s top accelerator programmes. NovaUCD was funded by various partnerships in the public and private sector. AIB Bank, Arthur Cox, Deloitte, Ericsson, Goodbody Stockbrokers, and Xilinx collaboratively contributed €7.5 million towards the effort. The remaining 25% was jointly funded by Enterprise Ireland and UCD, with an additional €1.3 million that was allocated for scientific equipment.
This 18th century megastructure was once known as the Merville house, and it served as a riding school in 1938. In the 1950s it became a part of UCD’s estate and then the school of Biochemistry and Pharmacology, until it moved to UCD Conway Institute of Biomolecular and Biomedical Research in 2003. After a period of renovation, restoration and extension of the original building, it came to be NovaUCD. The original structure from the 1700s was preserved and extensions to the east and west courtyard were added. The building retains its Georgian architecture with a central entrance, Doric porch and tall windows and shallow roofline. The vaulted ceilings, and granite arches have been carefully restored. In the present day, it houses the reception, seminar halls and meeting rooms.
NovaUCD’s mission is to support startups in four main areas, by "Promoting a culture of innovation and entrepreneurship," "Managing technology transfer," "Supporting start-up companies," and "Building partnerships." NovaUCD shows commitment to an open environment for collaboration and innovation. It fosters a community mindset by continually providing support, mentorship and opportunities to first time business owners. An annual innovation award recognises “excellence in innovation or of successes achieved in the commercialisation of UCD research, or other intellectual activity.” NovaUCD is partnered with both domestic and international programs, like Berkeley sky deck and New Frontiers Program to provide world class mentorship and exposure to the global entrepreneurial ecosystem.
“It was great to be based in NovaUCD during the New Frontiers Programme, ... Although I was there as part of the programme, I was supported like any of the other resident companies in being able to attend the events and access advice clinics relating to finance and IP.”
The new frontiers program has three phases and is geared at first time business owners. It helps founders take ideas and turn them into profitable businesses. It is a one of a kind accelerator program that does not take stake in the company it supports. It is funded by Enterprise Ireland and delivered in partnership with NovaUCD and IADT Media Cube.
Pierre Yimbog, co-founder of SoloBook and a recent winner of the New Frontiers Programme, says he values his time in NovaUCD, “It was great to be based in NovaUCD during the New Frontiers Programme, ... Although I was there as part of the programme, I was supported like any of the other resident companies in being able to attend the events and access advice clinics relating to finance and IP.”
NovaUCD also has an AgTechUCD Innovation Centre parked at UCD Lyons Farm, in Co Kildare. It provides a base for builders in the agri-businesses sector and “provides access to on-farm experimental facilities, allowing testing and trialling of products and services in a real-world environment.” It runs its own annual Accelerator Programme and is in nascent stages of developing a four-week Pre-Accelerator programme.
The next step for startups graduates from NovaUCD, once they find their footing in the business world, is to go to startup graduate school at NexusUCD, also located on The Belfield campus.
The innovation hub encourages students to take on entrepreneurial endeavours by offering internship opportunities to UCD students at client companies. Simon Factor, the Senior Manager at New Ventures, says that the recently launched ‘Nova Vision’ programme aims to “nurture sustainability and technology, in alignment with the UN’s Sustainable Development Goals, and to empower students in contributing to positive global change through entrepreneurial activities.” NovaUCD also runs an annual ‘NovaUCD Student Enterprise Competition’ to help UCD students collaborate, start and grow their own businesses.
Successful UCD spin-outs such as BiancaMed, Equinome, and OxyMem have all benefited from the NovaUCD's mentorship, industry collaboration and innovative business opportunities. It has also supported successful spin-in startups, including Carrick Therapeutics and Manna. The next step for startups graduates from NovaUCD, once they find their footing in the business world, is to go to startup graduate school at NexusUCD, also located on The Belfield campus.