Enterprise Ireland and Munster Technological University (MTU) have recently introduced a momentous initiative designed to stimulate cybersecurity innovation and entrepreneurship in Ireland. With a substantial investment of €7 million over the next six years, the Cyber Innovate program, funded by the Enterprise Ireland Innovators’ Initiative: Pioneering Smart Futures training program, is expected to catalyse the creation of indigenous companies and facilitate job creation within the sector.
The primary goal of Cyber Innovate is to encourage the formation of new cybersecurity start-ups and university spinouts, thus strengthening Ireland’s position as a global player in cybersecurity innovation. The program aims to equip 12-15 participants annually with the skills necessary for evaluating, selecting, and validating ideas for groundbreaking products and services, thereby contributing to the establishment of new cybersecurity ventures across the nation.
The comprehensive 10-month program will immerse the participants in the process of identifying cybersecurity challenges and developing innovative solutions. In collaboration with MTU researchers, the participants will receive support to refine their solutions and access commercialization funds from Enterprise Ireland. Upon completion of the program, participants will receive a Postgraduate Diploma in Cyber Security Innovation and a tax-free stipend of €38,000.
A crucial component of the initiative is the €28 million Innovator’s Initiative, a funding collaboration between the Department of Enterprise, Trade and Employment (via Enterprise Ireland) and the European Regional Development Fund. Aligned with the successful template laid out by the Bio Innovate, the Cyber Innovate program will follow a “needs-led innovation” approach, encompassing all stages of innovation, from needs identification to designing, prototyping feasible solutions, and securing funding.
The anticipated impact of Cyber Innovate is significant, with the expectation that it will lead to the creation of numerous cybersecurity companies and the generation of hundreds of new jobs. Dr. Donna O’Shead, Chair of Cybersecurity at MTU, expressed their broader ambition, stating that “the realization of the Cyber Innovate initiative will see an Ireland that is cyber-secure, cyber-innovative, and cyber-successful.” Furthermore, this initiative is not just an investment in MTU’s global competitiveness, but also a strategic move to address critical security needs in key sectors and boost Ireland’s cyber security industry revenue.
Marina Donohoe, Head of Research & Innovation at Enterprise Ireland, emphasized the significance of this collaboration in enhancing Ireland’s global leadership in the cybersecurity sector. She highlighted the overarching goal of the Innovators’ Initiative to cultivate a cohort of high-calibre leaders and entrepreneurs focused on driving innovation in sectors of strategic economic importance, ultimately raising the level of RD&I in scaling Irish companies.
It is worth noting that cybersecurity is a flourishing €1 billion industry in Ireland, employing over 7,300 individuals. Moreover, indigenous cybersecurity start-ups have received substantial investment in recent years, indicative of a buoyant entrepreneurial ecosystem in the sector. Ireland’s robust cybersecurity landscape, comprising over 170 companies and 470 cybersecurity-related firms, has significantly contributed to the country’s economy, generating €2.1 billion in revenue and €1.1 billion in gross added value.
The launch of the Cyber Innovate program represents a significant milestone in Ireland’s advancement in the field of cybersecurity. Through this collaborative effort between Enterprise Ireland and MTU, the initiative is poised to create a ripple effect by empowering the next generation of cybersecurity innovators and entrepreneurs, ultimately propelling Ireland’s global competitiveness and leadership in cybersecurity.
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