University of Galway will receive €7 million in funding, over the next six years, for its flagship BioInnovate fellowship programme, the only European affiliate of Stanford BioDesign.
The funding was announced this week by Minister of State for Business, Employment and Retail Emer Higgins.
The announcement coincides with the official launch of the Ian Quinn Centre for Health Technology Innovation, on the University campus, named in honour of the late Ian Quinn who was central in establishing Galway as a global medtech hub.
BioInnovate Ireland is one of four programmes under the Government of Ireland Innovators’ Initiative and co-funded by the EU under the European Regional Development Fund (ERDF) and administered by Enterprise Ireland.
It was initially established in 2011 to anchor the medical device sector in Ireland by educating and training future entrepreneurs.
To date, the programme has trained 150 Fellows and led to 33 companies – 23 of which are high potential start-ups.
The Ian Quinn Centre will build on the success of the BioInnovate programme and the wider MedTech and digital health community by providing co-working space, mentorship and global connections to emerging start-ups.
It will also serve as a venue for industry, clinicians and campus-based innovators to come together and accelerate health technologies.
Speaking at the annual BioInnovate Ireland Symposium at University of Galway Minister Higgins said, “BioInnovate Ireland is a remarkable programme and a huge inspiration for Ireland’s innovation ecosystem.”
“Its success to date in terms of entrepreneurship, indigenous business creation and answering healthcare needs, is testament to those who brought the concept to Ireland, and to University of Galway for hosting the fellowship programme.”
Professor Ciarán Ó hÓgartaigh, President of University of Galway, said, “We are delighted to receive this significant funding allocation, and it is apt that it coincides with the launch of the Ian Quinn Centre for Health Technology Innovation.”
“This dual announcement represents a pivotal moment for University of Galway and a significant step forward in our journey to further advance healthcare innovation.”
“We are grateful for the generous contribution from Chip Hance, which has made it possible to initiate the Ian Quinn Centre.”
“His support, alongside support from others in the community, underscores the importance of our work for the public good and for fostering innovation which will greatly benefit future medtech solutions and development, both here in Galway and globally.”
The Ian Quinn Centre for Health Technology Innovation at University of Galway will build on the success of BioInnovate since its inception, by becoming a new home for the fellowship programme.
It will have a strong focus on emerging medical technologies and digital health and will also be open to industry and clinicians outside of the fellowship programme, providing space to spark and grow innovations and ultimately becoming a destination of choice in Europe for innovators, industry and investors.
Ian Quinn was a visionary in medical device design and innovation. He founded Creganna with his brother, where he served as chief executive for 25 years.
Having witnessed the decline of the IT hardware industry and other industries in Ireland, Ian Quinn set about ensuring that the medical device industry would not suffer the same fate.
Following a visit to Stanford BioDesign, Ian Quinn was involved in the foundation of BioInnovate Ireland, along with Professor Mark Bruzzi, bringing the BioDesign model to Ireland, with the aim of creating a fellowship programme to educate and train innovators.
More than a decade later, Ireland has become a global hub for medtech and digital health, with more than 450 companies, of which, more than 200 are homegrown.
One in 8 Irish medtech companies have come from fellowships at BioInnovate Ireland.
