Million dollar boost to science and technology
A MILLION dollar St Patrick's day gift from the American Ireland Fund (AIF) will help the development of cutting edge firms and provide new opportunities for young people in business, US Economic Envoy Declan Kelly said yesterday.
Welcoming the announcement by the Fund at a St Patrick’s Day breakfast in Washington, Mr Kelly said the money would further support the important work being done to develop economic growth in the Province.
The Ireland Fund is the world’s largest private organisation supporting economic and social development on an all-island basis.
The announcement by the American arm is a continuation of work already underway with NISP CONNECT, a non-profit collaboration between the Northern Ireland Science Park, University of Ulster, Queen’s University and the Agri Food & Biosciences Institute that helps develop new science and technology ventures.
The Fund will seek to raise the cash over the next three years.
In addition, the AIF and the Northern Ireland and US working groups set up to support the Envoy’s mission have agreed to seek support for a new employee exchange programme that will provide young professionals affiliated with NISP CONNECT an opportunity to gain valuable experience by spending one year working for a US corporation.
“The new endowment and employee exchange programmes are important steps in furthering the excellent work already being done by NISP CONNECT,” said Mr Kelly, speaking at the breakfast event held at the Northern Ireland Bureau which represents economic and other interests in the US capital.
He said he had worked in recent months with NISP CONNECT Director Steve Orr, the AIF and others to develop the new programmes.
The development of innovative and entrepreneurial start-up companies like those in the NISP CONNECT programme were key to Northern Ireland’s long-term economic success, he added.
“The endowment will provide additional resources to these companies as they are starting to grow and will help them reach their full potential. The American Ireland Fund is to be congratulated for their leadership in supporting this important initiative.”
Kieran McLoughlin, President & CEO of the Worldwide Ireland Funds said the American fund was “obligated towards seeking a normalised society in Northern Ireland and helping to give the young people in the region every opportunity to succeed”.
“The launch of an endowment to support NISP CONNECT and the development of corporate mentorship and exchange programs will help build on the recent political achievements and I look forward to working with NISP CONNECT and Envoy Kelly in the weeks and months ahead,” he said.
Mr Orr said the funding would assist in the drive to develop the “entrepreneurial eco-system” in Northern Ireland into one of the best in the world.
“The result will be a great increase in the number of new indigenous science and technology companies achieving success on a global stage.”
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Tuesday 14 February 2012
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