The cachet of a US$1bn valuation is proving irresistible to tech start-ups and there are now at least 80 tech start-ups in the world that are valued at more than US$1bn, according to a cover story in Fortune.
Dublin: 26.01.2015 06.23AM
Prof Brian Glennon and Dr Mark Barrett, co-founders of APC (overall winner of the NovaUCD 2011 Start-Up Award). The duo are researchers at UCD School of Chemical and Bioprocess Engineering
APC, a new pharmaceutical research and technologies company, has won the NovaUCD 2011 Start-Up Award, gleaning €17,500 in the process. APC is planning to create 20 high-skill jobs within the next two years.
In addition to the NovaUCD 2011 Start-Up Award, APC was also presented with a cheque for €5,000, €6,000 worth of professional services from Deloitte, €3,000 worth of legal services from Arthur Cox, €1,000 worth of business and taxation consultancy from Delaney Financial Consultancy and NewMarket Partnership, and six months of free desk space at NovaUCD. APC will also receive a year's free subscription to the AccountsIQ software.
The company was co-founded earlier this year by Prof Brian Glennon and Dr Mark Barrett as a spin-out from UCD's School of Chemical and Bioprocess Engineering.
APC already includes many of the top 10 pharmaceutical companies in the world on its client list.
The company is now investing in technology research and development and plans to launch additional products, services and processing technologies to the market in 2013.
APC said it enables pharmaceutical companies to deliver their medicines to market via its engineering and technology solutions.
The company has already hired three permanent, PhD-qualified engineers and chemists and plans to grow the number of staff to 20 by 2013. The majority of these jobs will be at PhD level.
Ireland is the largest exporter of pharmaceutical compounds in the world, with circa $50bn worth of compounds exported annually. This accounts for almost 50pc of total Irish exports.
Some 185 new ventures and 290 individuals have now completed the NovaUCD Campus Company Development Programme (CCDP), which is supported by Enterprise Ireland, and which has run annually since 1996.
Speaking at the Awards ceremony, Pro Peter Clinch, UCD vice-president for innovation, said, "The participation of researchers on this key new venture support programme to establish, grow and develop high-tech and knowledge-intensive companies is of critical importance for the development of a sustainable smart economy in Ireland."
Two other ventures, ForkStream and Equilume, participating on this year's programme, received runner-up awards, cheques for €3,000 and €2,000, along with €2,000 and €1,000 worth of legal services from Arthur Cox respectively in addition to six months of free desk space at NovaUCD.
ForkStream, a new ICT venture, is developing a disruptive technology to allow mobile network operators to cost effectively and seamlessly offload smartphone traffic to any available Wi-Fi network. The promoters of ForkStream are Dr John Fitzpatrick and Dr Hamid Nafaa, researchers in UCD's School of Computer Science and Informatics.
Equilume, a new equine biotech venture, is developing a novel light therapy solution, the Equilume Light Mask, to assist thoroughbred breeders in maximising the reproductive efficiency of their mares. The promoter of Equilume is Dr Barbara Murphy, a researcher in UCD's School of Agriculture and Food Science.
"Enterprise Ireland is delighted to recognise the high level of entrepreneurial activity being undertaken in NovaUCD and to partner with NovaUCD in supporting the establishment of new market-led businesses. The enterprises which have completed this year's CCDP have demonstrated great ingenuity in commercialising innovative technologies," said John O'Dea, HPSU department manager, life sciences.