All staff at NMRC (the National Microelectronics Research Centre) at UCC, the State's largest information and communication technology research centre, are set to gain financially from commercial spin-offs. A staff equity participation scheme, which was introduced last month, will give all 240 employees - from receptionist to directors - shares in any companies that are developed as a result of the centre's research. This initiative is believed to be the first of its kind in Ireland or Britain.
"We have arranged that where a research idea becomes commercially viable, NMRC will be allocated a shareholding. Half of this will go to the staff share scheme," explains Cormac Harrington, the centre's administrative director. The remaining shareholding will be held by the NMRC and ultimately used for reinvestment in new equipment and technologies. The NMRC, widely regarded as a world-class research operation, enjoys an annual turnover of almost £8 million and has a research infrastructure worth £80 million. It was set up in 1991 as a development of UCC's electrical engineering department. Prof Gerry Wrixon, currently president of UCC, was the centre's first director. According to the Tanaiste, Mary Harney, the NMRC is this State's only world-class research centre.
The new equity scheme is viewed as a way of retaining and attracting highly qualified and much sought-after staff. "It can be difficult for a research institute to match the financial packages offered by industry," Harrington says. "Because we're part of the university, we're unable to offer share options. Giving staff shares in commercial spin-offs is the next best thing." The NMRC hopes that the new scheme will also encourage an entrepreneurial spirit within the centre. "We are involved in very exciting research that will be commercially viable," he says. "We want to get the momentum going." Already, nonresearch staff are taking a greater interest in developments.
"We have a couple of potential spin-offs which will come to fruition in the next six months. These will give the scheme a kick-start," he says.
