DIT Hothouse Incubator brings iconic tech cluster to Dublin’s North Inner City
DIT Hothouse Incubator unveils iconic tech cluster location for Dublin’s North Inner City
· 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 a five-year period
· The 1,790m2 DIT Hothouse Incubator will be the lifeblood of innovation and is the engine driver for regeneration in Dublin 7
· Knowledge-intensive companies can avail of incubator facilities spread over six stories, 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, academic expertise and the student community
An examination of past DIT Hothouse New Frontiers participants found that startups that locate in an incubator develop more speedily and are likely to attract investment and grow, resulting in less company failures. 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 €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 when they are most vulnerable. They will provide a variety of services to startups, such as business planning, market research, financial planning, mentoring, as well as commercialisation, and financial assistance.
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 are 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, Centre Director, DIT Hothouse, 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 Ireland’s top performing Knowledge Transfer Office, working at the forefront of commercialising Dublin Institute of Technology research to Irish based companies. DIT Hothouse Alumni have raised over €195 million in Equity Investment, created more than 1,700 High Tech Jobs, created 36 spinouts, 139 Licence Agreements, 85 patent filings and 441 qualified inventions.
DIT Hothouse offers Enterprise Ireland’s funded New Frontiers Programme. The DIT Hothouse team works with students, lecturers and researchers across DIT as well as with entrepreneurs, industry leaders and investors.