Workplace platform Wrky, high-tech materials firm Plasmabound and medical devices company Proverum Medical all have one thing in common. Like many other fast-growing Irish startups, they all presented at Enterprise Ireland’s Big Ideas showcase in the past.

The Big Ideas showcase is a key annual Enterprise Ireland event which spotlights investor-ready high potential startups [HPSUs] emerging from the Irish public research community.

What distinguishes this group is that each of the ambitious startups participating is founded on deep tech and built on scientific and academic excellence. These are the innovative Irish firms of tomorrow, and their propositions always attract keen interest from investors and commercial partners.

Each startup at Big Ideas has been supported by Enterprise Ireland’s commercialisation fund to start building a business based on the proprietary ideas they developed at universities or at research-performing organisations.

Typically, these complex HPSUs have a longer journey to market and to revenue generation than peers in other sectors.

While investors who come on board must accept that complexity, they may also be in line for higher rewards over time.

This is the 14th year of the programme. To date, almost 200 of these startups are still trading – and they account for more than 1,500 high-value jobs in Ireland, spending over €120m in the economy every year.

That group doesn’t include the 39 research-led startups acquired by international companies in deals worth an aggregate €500m to the Irish economy.

While investors who come on board must accept that complexity, they may also be in line for higher rewards over time

The Enterprise Ireland commercialisation programme culminates each year in this annual showcase event – where the Big Idea candidates have the opportunity to present their technology solutions and business propositions to investors and potential partners.

At this year’s event, which took place last Thursday in Croke Park, Dr John Favier and Dr Mohammad Ghaani of NovaUCD spin-out NanobOx were presented with the ‘One to Watch Award’.

NanobOx was pitched by Dr John Favier, a serial entrepreneur and CEO of the start-up. Favier founded NanobOx along with Dr Mohammad Ghaani. They have developed a highly energy-efficient technology to oxygenate water using nanobubbles. The company claims its technology is highly scalable and can oxygenate water at high flowrates.

It was among 12 investor-ready startups that presented at this year’s showcase event. A Viewers’ Choice Award was also presented to Robert Wylie of Fada Medical, which is on a mission to improve insulin delivery for people living with type 1 diabetes. 

The Health Innovation Hub Ireland, Clinical Innovation Award was presented to Seamus Morris, clinical professor of surgery at the Mater Hospital. Other healthcare startups that presented at the showcase event included Vzarii Therapuetics, outlining its gene therapy for age-related macular degeneration; ReleviumBio, discussing its injectable gel for knee osteoarthritis; and Pumpinheart, which presented a heart pump it has developed to treat certain types of heart failure.

Given the global focus on climate change, it’s no surprise the event also included startups focused on sustainability – including carbon calculator developer Darwin & Goliath, and smart energy saving system OPENS.

Having gone through the commercialisation fund programme, these 12 stellar startups have had extensive support and mentoring to de-risk their propositions from a technical, clinical or commercial perspective.

They’re now seeking to raise investment – so they can spin out from the university and research systems.

While each of these startups is at an early stage of development, together they represent a future strand of indigenous Irish business which is set to employ many specialists and support staff locally. Over time, they are aiming to scale internationally.

It is critical that we support and accelerate this type of entrepreneurship. It’s only through driving this type of innovation that we can copperfasten Ireland’s position as an export-led economic hub.

While Enterprise Ireland is deeply committed to this work, we could not succeed in it – or in running the Big Ideas showcase – without the exceptional support provided to the concept by the network of Technology Transfer Offices that stretches across our higher education institutions and research-performing organisations.

Their work to drive research innovation and to identify and licence new technologies is vital to the success of our deep-tech HPSUs.

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Deirdre Glenn is director of commercialisation at Enterprise Ireland​

Reporting: The Irish Independent