Insight worth €593m to Irish economy

Insight SFI Research Centre for Data Analytics is worth €593m to the Irish economy according to a new report about the impact of the centre.

The report which was commissioned to coincide with the launch of Insight’s second research phase found that the initial SFI investment of €43m in the centre has had a major impact on the Irish economy.

Scientific excellence has been high on the agenda with Insight researchers generating in excess of 2,000 publications. Insight has also had 72 licence agreements which accounts for a full 12 per cent of all Irish research performing organization licenses generated. Insight members have also participated in a total of 86 EU projects.

The Centre has produced a total of 11 spin out companies, and it has 121 collaborative research agreements with 89 industry partners.  Insight members have also won a total of 93 Enterprise Ireland Commercialisation Awards.

The report also found that since opening its doors in 2013, for every one euro of state investment, Insight has generated €5.54 back to the Irish economy.

Insight Phase 2

Minister for Business, Enterprise, and Innovation, Heather Humphreys TD, and Minister for Training, Skills, Innovation, Research and Development, John Halligan TD, recently announced a Government investment of €49 million through Science Foundation Ireland in the Insight SFI Research Centre for Data Analytics.

This Government investment will secure a further €100 million from industry and other international sources, such as the European Union, over the next six years to further harness the power of data analytics, machine learning and artificial intelligence (AI).

Insight is playing an important role in our plans to prepare now for tomorrow’s world

Minister Humphreys welcomed the announcement, saying: “I am delighted to announce this new investment in Insight, whose research and outputs are aligned with Future Jobs Ireland, the whole of Government plan to prepare our businesses and workers for tomorrow. Many traditional job roles are changing, and with Brexit and other international challenges on the horizon, we must continue to plan ahead, focus on what is within our control domestically and be the masters of our own destiny. Insight is playing an important role in our plans to prepare now for tomorrow’s world by keeping Ireland at the cutting edge of innovation in this important sector.”

Through this new investment, Insight will continue its world-class research via a set of three demonstrator projects under the themes: Augmented Human, Smart Enterprise and Sustainable Societies. In addition, it will significantly expand its Education and Outreach Programme, including a new Citizen Science initiative.

Insight was established in 2013 and is hosted at four higher education institutions: Dublin City University, National University Ireland Galway, University College Cork and University College Dublin and works in partnership with Maynooth University, Trinity College Dublin, Tyndall National Institute and University of Limerick.

UCC’s Vice President for Research & Innovation, Professor Anita Maguire, said, “This investment to ensure Ireland is at the forefront in research in such an important area of research as data analytics is extremely welcome – we look forward to exciting outcomes.”

Insight is a tremendous powerhouse of AI and data science in Europe.

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