The appointments will help companies in Ireland to access the innovative capacity of the third level sector and gain competitive advantage.

The 8.5 million, five year awards, which will fund appointments at NUI Galway, NUI Maynooth, RCSI, UCC and UCD, are part of the 30 million Technology Transfer Strengthening Initiative managed by Enterprise Ireland. More awards to other institutions are expected in the coming months.

"The appointment of these new technology transfer professionals will spearhead the drive to commercialise the ideas and technologies produced in Irish research institutions, " said Minister Martin. "I look forward to seeing a marked increase in patents, licences and startup companies as a result of this latest investment in Ireland's knowledge economy.

Companies emerging from university research are a key component of internationally recognised and successful clusters of innovation, and with a solid and growing base of support for fourth level research now being provided, there is no reason why Ireland cannot emulate this success."

Mary Gillick, recently appointed Head of the Technology Transfer Strengthening Initiative, commented that "it is crucial that the third level research sector delivers new technologies to the marketplace. This will make a significant contribution to the competitiveness of existing companies and the establishment of new companies in Ireland".

According to Dr John Hegarty, Provost of TCD and current President of the Irish Universities Association (IUA), these appointments form part of a coordinated strategy to intensify the capture and exploitation of intellectual property (IP). "It is vital that our researchers develop a stronger IP awareness, building on our established codes of practice, " he said