INTERTRADE IRELAND:Fusion, a cross-border initiative that brings together companies, graduates and colleges to engage in research, is proving lucrative for participants
INTERTRADE IRELAND'S Fusion programme, which helps small and medium-sized firms to engage in research, has proved so beneficial to participants that large companies are asking to get involved too. The programme develops and facilitates cross-border innovation partnerships and projects between companies, graduates and third-level institutions.
Each company taking part in the Fusion programme benefits from more than €1.23 million (£1 million) worth of additional sales and efficiency savings in the years following project completion, according to a recent KPMG report.
"It's very much a case of innovation in action," says Hugh Logue, chairman of the programme. "Most companies acknowledge the importance of innovation in these difficult times but many lack the people, finance and knowledge to make it happen. Fusion gives businesses the edge by improving their capabilities while, at the same time, making a tangible impact on their bottom line."
The aim of the programme is to support the development of businesses by transferring knowledge between industry and academia on both sides of the border.
It has assisted 300 companies and graduates over the past six years and is the only all-island initiative of its type. This year it won The Best Graduate Training and Development Programme in the GradIreland Awards 2010.
Each company is 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 need and a high-calibre graduate is employed by the company to spearhead the project. A comprehensive support package of up to £29,500/€33,150 is made available to each firm to fund 50 per cent of the graduate's employment costs and 100 per cent of other eligible costs to lead the project.
It is a win-win for all concerned, says Logue. "The graduates get to work with companies that want them to make a real contribution from the day they arrive," he explains. "They also take part in a number of intensive weekend training courses in UCD's Michael Smurfit Graduate Business School and get a diploma in management practice at the end of it.
"In 85 per cent of cases, the graduate is employed by the company at the end of the placement and this figure might actually be higher if some of the graduates hadn't chosen to move on."
The company benefits by getting a highly qualified graduate to work with them on a research and development (R&D) project.
"For most of the companies, this is their first experience of R&D," Logue explains. "Having a graduate backed by an academic institution helping them with this has proved highly successful with the companies averaging more than €1 million in increased sales as a result."
The academic institution involved benefits as well. "They get the opportunity to engage with companies on real research projects and this is very important to them," Logue adds.
The programme's success has attracted the attention of several large companies. "It works so well and produces such good outcomes for the companies involved that a number of larger companies have approached us looking for graduate placements," Logue says. "The funding is mainly aimed at assisting smaller companies to innovate and is not there for large companies, which already have the resources. We are looking at the possibility of including larger companies but without giving funding. This would enable us to open up opportunities for even more graduates and that would certainly be welcome in the current environment."
Companies and graduates interested in participating in the Fusion programme should see intertradeireland.com/fusion
Cashing in on valuable research
AMONG THE highlights of this year's Fusion programme have been the successful development of a cryogenic liquid transport tank by Suretank, in Dunleer, Co Louth, and the commercialisation of food ingredient products by PLC Ingredients of Limerick.
Suretank designs and makes cargo tanks for use on oil rigs. Fusion brought together the company, the Southern Regional College and Kenneth Treacy, a graduate in manufacturing engineering from Dublin City University.
Together they looked at the safe storage of liquid nitrogen which is used to freeze undersea rock to drill or repair it. Their solution is a robust storage tank that can store the liquid nitrogen securely. "The move to cryogenics gave us a step up the value chain, has led to the creation of an R&D function within the company and allowed us to maintain staff numbers in a difficult environment," says Donal Duggan, Suretank's chief executive. "We already have eight orders for the new tank and we hope to ship the first four before Christmas. I would certainly recommend Fusion to other companies. I am very satisfied with the whole process."
Mark Cribbin, founder of PLC Ingredients, agrees. "I couldn't speak highly enough of the Fusion programme," he says. "InterTradeIreland manages it very well and I would encourage other companies to look at this model for research."
PLC Ingredients is a food ingredients company operating in the Asian, European and North American markets. It researches and develops dairy-based food ingredients with specific functional and compositional attributes desired by customers. It outsources the manufacturing to other companies around the globe. Fusion brought the company together with Dr Lucy Deegan of the University of Ulster. She worked on the development and commercialisation of two new food products generating additional income - 126 per cent higher than originally forecast. Both graduates have remained with the companies.
