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September 2006 NUI Galway Student's Brainwave to become Commercial Reality
NUI Galway Student's Brainwave to become Commercial Reality
11 September 2006: A postgraduate student from NUI Galway is the first university researcher in Ireland to receive payment for a 'brainwave' from Technology from Ideas Limited (TfI), the technology commercialisation company. Robert Healy, from the Mechanical & Biomedical Engineering Department, has a radical new idea in the field of renewable energy which potentially offers significant enhancement to existing technologies.
Robert's initial idea was analysed by TfI looking at its market, technical and intellectual property merits. TfI expanded upon the idea turning it into a novel technology concept which would enhance current and proposed wave power generation devices. An added bonus of the technology is that it would also strengthen the structural integrity of a device allowing it to withstand more severe sea conditions. The technology involves the use of novel materials coupled with innovative structural modifications.
The finer details regarding Robert Healy's idea remain top secret while under development; all he can reveal is that the idea came to him while "watching the surf in Galway". TfI will now commit time and resources to developing, demonstrating and protecting the idea, with the aim of selling or licencing a proven technology onto an end customer. The returns from future sales will be shared with both NUI Galway and Robert.
In May of this year, NUI Galway signed a technology commercialisation agreement with Irish company TfI. Under the agreement, TfI will source certain categories of technology ideas from NUI Galway researchers for development and sale to industry.
Dr Daniel O'Mahony, Director Technology Transfer Office, NUI Galway, said: "Robert's idea is an innovative solution to a problem he observed with current renewable energy devices. It is outside of his core area of expertise and requires further market-focused technology development before being ready for commercialisation – which is where TfI comes in. Our partnership with TfI offers NUI Galway a much needed alternative commercialisation route for our intellectual property and this idea is the first fruits of our relationship since signing our initial agreement with TfI".
Commenting on today's announcement, Dan Richardson, TfI's Managing Director, said: "This award demonstrates our belief in the potential of this idea and in our ability to develop it into a valuable technology. This is the start of a potentially long commercialisation process for Robert's idea with the real returns for him and the University coming when there is a sale or licence deal. We expect further awards over the coming year as we take more ideas into our development pipeline."
The agreement with TfI forms part of an ongoing strategic initiative for the Technology Transfer Office at NUI Galway in the development, commercial exploitation, industrial partnering and spin-out of technologies under development by a number of research teams at the University.
Notes for editors
Technology from Ideas (TfI) Technology from Ideas (TfI) is a new Irish technology commercialisation company partnered by key players in universities and industry. TfI locates unrealised ideas from university researchers, develops them into investment ready technologies, and sells them to customers worldwide for subsequent development into products. This is achieved through commercially focused development in our own laboratories and together with sales through established technology development company partners.
For more information please visit www.technologyfromideas.com. Tel Dan Richardson, Managing Director on +353 86 172 4623.
NUI Galway For more information please contact: NUI Galway, Dr. Daniel O'Mahony, Director Technology Transfer Office, 091 492147