Media Release

12 September 2006

LIT appoint manager of Enterprise Acceleration Centre

Donncha Hughes, Centre Manager with Dr. Maria Hinfelaar, Director of LIT.

After a busy summer putting the finishing touches to a fantastic building located on the campus of Limerick Institute of Technology, the new manager of the Enterprise Acceleration Centre, has confidently declared that the Centre will be the premier location for small business start-up in the Mid-West.

“The development of an Enterprise Acceleration Centre is a new departure for Limerick Institute of Technology and I am delighted to join the Institute at this very exciting time. Our aim is to create a unique business incubation centre that facilitates the seamless transition from education and research to enterprise by creating an environment for business success. Clients of the Enterprise Acceleration Centre will have all the advantages of operating within a leading edge business environment encompassing customised offices, central reception, managed print facility, high-speed broadband, restaurant, and board room and meeting room facilities during the start-up phase of development.”

This is according to Donncha Hughes, newly appointed manager of the Enterprise Acceleration Centre who recently joined LIT after seven years working on behalf of business in Limerick, Clare, North Tipperary and Kerry for the Irish Business and Employers Confederation. Mr Hughes added that one value that is engrained from his time with IBEC was the importance of cost competitiveness.

“Our goal is to facilitate an environment that enables ‘people to do business’. By locating in our building, small companies benefit from our resources and facilities, and have all the advantages of a larger company in terms of ability to impress customers. It also provides an excellent working environment for business start-up as owner managers can network with other owner managers of businesses at similar stages of development. Costs will be kept very competitive and all charges will be clearly outlined in advance and billed on a usage basis. In addition to the physical facilities provided within the building, clients of the EAC will be able to access mentoring, business planning, support, advice and professional guidance on issues facing business. These services will be tailored to the stage of development of each client company. By combining the leading edge facilities and services, the EAC will assist companies to develop as High Potential Start-Ups.”

Mr Hughes explained that the facilities and services of the Enterprise Acceleration Centre are available to entrepreneurs who are looking to establish a company in Ireland which meets the criteria stipulated by Enterprise Ireland for High Potential Start-Up (HPSU) companies. Enterprise Ireland define a HPSU as a company which is:

• Based on technological innovation;
• Likely to achieve significant growth in 3 years (sales of €1 million per annum and employment of 10 or more)
• Export oriented
• Ideally, led by an experienced team, with a mixture of technical and commercial competencies

Perhaps reflecting his marketing background; he has a B.Comm and a Masters in Marketing from NUIG; Donncha doesn’t particularly like the term HPSU but he does believe strongly in the concept.

“I prefer to think of the clients of the Centre as entrepreneurs with award winning ideas who have the potential to develop award winning businesses. We are developing a Strategic Plan for the Enterprise Acceleration Centre for the period 2006-2010. At the end of that period I want to be able to look back and say that we have a certain amount of success stories, and even more importantly I want to be able to say that locating in our Centre, helped ensure that the companies in question became a success. ”

Mr Hughes concluded that the development of the Enterprise Acceleration Centre on campus creates a ‘win-win’ scenario for LIT, client companies and the region.

“A key issue for the Centre in screening clients will be their potential to develop linkages with the Institute in terms of student placement, graduate employment, research commercialisation and technology transfer. We already have one company which has moved into the premises. They will be engaging in collaborative research with the Institute over the coming year. We have exciting plans for the Enterprise Acceleration Centre. If anyone is interested in finding out more they can visit our website which is www.lit.ie and they are more than welcome to contact me to arrange a visit to tour our new centre and the LIT campus.”

Ends

Media Release in Word format

For further information on the Enterprise Acceleration Centre contact Donncha Hughes, Enterprise Acceleration Centre Manager, Limerick Institute of Technology, Moylish Park, Limerick. Tel 061 490151 and mobile 086 8078028

For more LIT Media information contact
Colin McLean, External Services Manager, Limerick Institute of Technology
Moylish Park, Limerick. Phone: 061 208866 Mobile: 086 8366934