DIT Hothouse Incubator brings iconic tech cluster to Dublin’s North Inner CityPosted: 16 January, 2017
The new DIT Hothouse Incubator, situated on the DIT Grangegorman campus, will support 57 knowledge-intensive companies, delivering 285 extra jobs to the local economy and attracting €42m of investment to the region over the next 5 years
The 1,790m2 DIT Hothouse Incubator will be a hub for innovation and a significant driver for regeneration in Dublin 7
Knowledge-intensive companies can avail of incubator facilities, specifically designed to meet the needs of technology startups
The DIT Hothouse Incubator offers:
24 office incubator of varying sizes from units for 2-3 people to units for 10-12 people in Dublin’s north inner city
Hot desk facilities for entrepreneurs on the New Frontiers Programme
A board room, substantial exhibition and networking space, as well as a training room with full presentation and ICT facilities
Access to the facilities and resources on the DIT Grangegorman campus including access to wet labs, extensive sports facilities, leading edge research, academic expertise and the student community
An examination of past DIT Hothouse New Frontiers participants found that startups that locate in an incubator raised twice the investment, and grew twice as fast as those that did not have incubator support. One such company that can testify to this is Movidius. Movidius took part in DIT Hothouse programme and in 2016 the company was sold to Intel for in excess of €300m.
Sean Mitchell, Co-founder Movidius said, “There were three important benefits to us from taking part in the DIT Hothouse programme. The first was that we made a contact and built a relationship with someone who became a final investor. Building the relationship was really important and we also felt it important that we had one key Irish Investor in the syndicate. Secondly, early on we had office space which allowed us to build our team and this was free of charge to us. Finally, introductions to Enterprise Ireland – we secured €500k investment from them and this would have taken a lot longer had it not been for the programme.”
Other the startup companies currently in residence in the DIT Hothouse Incubator include, Locatible, Monita Analytics, Bloom Magic, Sonra, LeapChat, Kastus Technologies and Artomatix.
The DIT Hothouse Incubator will nurture young businesses during the startup period by surrounding them with an ecosystem of like-minded ambitious entrepreneurs and investors. They will also provide a variety of services to early stage startups, such as business planning support, market research, financial planning, mentoring, as well as commercialisation, financial assistance and access to capital.
From 2012 – 2016 DIT Hothouse, supported over 135 high growth companies via the Enterprise Ireland New Frontiers programme. Participant companies have created approximately 450 high value jobs, raised over €10m in equity investment and were projecting an annual turnover for 2016 of €49.75m.
A total of 55 of these companies have won a range of Irish, European and international awards including Seedcorn, European Business Awards and the Nvidia Early Stage Awards. Recent alumni companies LabCup, Nasal Medical, Your Smile Direct and Circuit were also shortlisted for the Dublin/Leinster region InterTrade Ireland Seedcorn Awards.
Tom Flanagan, DIT Hothouse Centre Director, said: "We are looking for ambitious early stage High Tech companies that are planning to make a really big difference in the world. We will challenge and support them achieve their dreams and these companies will trigger significant regeneration of the North Inner City.”
Further information is available from www.dit.ie/hothouse or by calling Linda Moloney on (01) 402 7179.
NOTES TO EDITORS
DIT Hothouse is the award winning Innovation and Technology Transfer Centre at Dublin Institute of Technology. DIT Hothouse Alumni have raised over €164 million in Equity Investment, created more than 1,600 High Tech Jobs. The DIT Hothouse team have also created 30 spinouts and 114 commercial Licences, filed 72 patent and assessed over 400 inventions based on DIT research.
DIT Hothouse offers Enterprise Ireland’s funded New Frontiers Programme. The DIT Hothouse team works with entrepreneurs, industry leaders and investors as well as students, lecturers and researchers across DIT.