INTERTRADEIRELAND:InterTradeIreland's Fusion programme connects companies with third-level institutions to provide innovative research solutions The programme offers funding of almost €60,000 towards the graduate's salary as well as masterclasses to support companies through the application process and a helpline to provide ongoing advice
INTERTRADEIRELAND'S Fusion programme is investing €15 million in up to 180 cross-Border research and development (R&D) projects by 2010. The programme matches companies with universities or colleges that have the specialist expertise they need and high-calibre science and technology graduates.
The aim of the programme is to support the development of businesses on the island of Ireland by transferring and embedding knowledge on a cross-Border basis between industry and academia. It is the only all-island industry-academia initiative of its type.
Fusion has its origins in research undertaken by InterTradeIreland on industry-academia linkages to determine need, existing provision, gaps and models of best practice, which revealed that emerging knowledge will have profound implications for the way companies compete - so much so that access to and the application of knowledge will increasingly become the essence of competitive advantage.
The need for deeper relationships between business and educational and research institutions was identified as a way of gaining such advantage.
As a result, InterTradeIreland developed Fusion, a company-led initiative to improve the flow and access of knowledge to the business community.
The programme sees each participating company being partnered with a research centre with specialist expertise in a relevant area.
The research centre provides one-to-one tailored assistance to solve the company's technology needs and a high-calibre graduate is employed by the company to spearhead the project.
Fusion has already helped more than 200 companies across the island reap benefits totalling €65 million. This figure is expected to increase significantly as projects realise their potential over the coming years.
According to InterTradeIreland Board member and chair of the Fusion Steering Panel Hugh Logue, the programme can play a vital role in future growth for companies as we emerge from the current downturn.
"Survival and innovation go hand in hand in the current economic climate. While it's natural for businesses to batten down the hatches, it's vital they still plan ahead to develop the capabilities they need to win contracts in an increasingly competitive marketplace. Fusion is one way they can get ahead of the game."
The programme offers funding of almost €60,000 towards the graduate's salary, academic, and other expenses, as well as masterclasses to support companies through the application process, quarterly review meetings with an InterTradeIreland consultant and a helpline to provide advice.
According to Logue, companies need to have a suitable research and development project in mind, but do not necessarily have to have identified a suitable academic partner before they apply to participate in the Fusion programme.
"We are trying to help companies become more competitive and that includes helping them identify what type of expertise might be appropriate for them at the moment," he says.
"Of course, they should have a broad idea of the area in which they need assistance, such as food science or production engineering or whatever but we are happy to work with them on this to identify what will be best for the company."
He believes all parties gain from the project. "The companies gain in terms of getting the assistance of a third-level institution and a graduate in the development of innovative new products, improving existing products, streamlining production processes and improving environmental performance.
"The third-level institution gains insights into the R&D issues which companies are dealing with in the market at present. And the graduate gains from getting employment for at least 18 months and a further qualification, a Diploma in Management from the prestigious Michael Smurfit School of Business - in fact, many of the graduates end up staying on with the companies and becoming key members of their management teams."
Tim Brundle, director of innovation at the University of Ulster, says Fusion is "probably the most efficient and effective mechanism for knowledge exchange in western Europe.
"One of the most exciting aspects of the programme is that it facilitates the knowledge exchange between industry and academia in a very efficient way.
"It brings the best ideas together with the best brains, together with the greatest need for innovation solutions - that's why it has been so successful across Ireland."
Fusion is open to both large and small companies and those interested in participating should email fusion@intertradeireland.com or call Catherine McCaghey on 048 3026 0700.
