Researchers in the third-level sector and nonprofit agencies in the Republic of Ireland will be able to apply for the new funding.
Enterprise Ireland has announced today (17 April) a new stream of funding under its Commercialisation Fund to help researchers bring their innovations to market.
The Proof of Concept Funding initiative offers up to €100,000 over a 12-month period, bridging the gap between initial research and the commercial market.
The programme supports a range of activities including customer discovery, prototype development and early-stage human-use studies, helping researchers validate both the technical feasibility and market need for their innovations. The initiative will also include non-financial supports such as mentoring, networking and team development.
Enterprise Ireland says that the new funding complements existing supports under the Commercialisation Fund, including the Feasibility Grant and the Commercialisation Fund Award.
According to the state agency, all researchers in the third-level sector and nonprofit research agencies and organisations in the Republic of Ireland including staff on contract – such as postdoctoral scientists – can apply for the new funding.
“The Proof of Concept Funding is designed to empower third-level researchers in Ireland by providing the necessary resources to validate their innovations,” said Marina Donohoe, head of Research, Innovation and Infrastructure at Enterprise Ireland. “By supporting activities such as customer discovery and prototype development, this initiative aims to de-risk early-stage technologies and accelerate their journey towards commercialisation, ultimately contributing to Ireland’s position as a leader in global innovation.”
Researchers can apply for the new funding by first checking their eligibility on Enterprise Ireland’s website, followed by contacting a member of Enterprise Ireland’s Commercialisation Specialist Team and finally, submitting an application through their online system.
Dr Cormac Farrelly, chief medical officer and co-founder of LaNua Medical, said that securing early-stage funding such as this is vital.
“Securing early-stage support through Enterprise Ireland was a pivotal moment for our company,” he said. “It enabled us to validate the Ecore device with real-world users and begin translating a clinically inspired concept into a commercial product with the potential to improve patient outcomes globally.
“This type of funding is essential for turning promising innovative ideas into high-impact solutions.”
Recently, SiliconRepublic.com spoke to researcher Dr Conor Hayden, who secured more than €600,000 from the Enterprise Ireland Commercialisation Fund for his ‘Ribbon device’, a non-invasive sensor to detect respiratory issues.
Don’t miss out on the knowledge you need to succeed. Sign up for the Daily Brief, Silicon Republic’s digest of need-to-know sci-tech news.
