EY announces sponsorship of NUI Galway’s TechInnovate
Galway, Monday 20 November: EY today announces its sponsorship of TechInnovate, an entrepreneurship development fellowship at NUI Galway. During the 10-month programme, teams of three entrepreneurs identify real customer issues and develop innovative solutions to address these issues.
As well as helping employees drive innovation and change inside established technology companies on the western seaboard, TechInnovate aims to produce more entrepreneurs who will enable innovations in local start-ups.
Commenting on the sponsorship, Paraic Waters, Tax Director, EY Galway said: “EY is delighted to sponsor TechInnovate. Having established our Galway office in June 2016, we have seen the valuable work NUI Galway is doing to promote entrepreneurship up close. There are some incredibly exciting and successful entrepreneurs operating on the western seaboard. We are very proud to have two winners in the EY Entrepreneur Of The Year™ 2017 from Connaught with Galway’s Evelyn O’Toole, founder of CLS winning the industry category and Mayo’s Harry Hughes from Portwest winning the international category and the overall prize.”
The full-time stipend supported programme combines teams of high-calibre Fellows from either an engineering, business or design graduate background. Team members are chosen to contribute their skills, knowledge and expertise as part of a multidisciplinary Fellowship team.
“We have seen a surge in the number of start-ups and large multinationals locating in Galway in recent years. With a strong network of third level institutions, relatively low costs and the quality of life on offer for employees, the West of Ireland is well positioned to take advantage of the opportunities to attract investment arising from events such as Brexit. Programmes like TechInnovate also help to foster a friendlier ecosystem for entrepreneurs” Paraic added.
As part of the sponsorship of TechInnovate and EY’s ongoing commitment to developing entrepreneurship, EY will deliver a number of knowledge-sharing workshops during the programme. This will include sessions on developing entrepreneurial expertise and crucial business skills from a number of EY experts. EY staff will also be trained in the TechInnovate process and bring the skills they learn back to the business to help drive innovation.
Galway has long been recognised as a hub for business and innovation, with the county ranked as one of the top incubator locations for medical devices worldwide, and the home to some of the world’s leading ICT and Life Science companies. The talent developed in programmes like TechInnovate will add to this.
Dr John Breslin, Director of TechInnovate, and lecturer at NUI Galway, said: “TechInnovate’s entrepreneurship development process starts with a multidisciplinary team of professionals - the engineer (hacker), businessperson (hustler) and designer (hipster) - who select a market for their initial idea or innovation, and then identify customer needs through extensive market research. The value created for the customer is defined, along with customer acquisition strategies and product/company economics. This is followed by a plan for product design, development and scaling. Our Fellows will be able to apply the skills they learn over and over again.”
TechInnovate is a joint initiative from the College of Engineering and Informatics and the College of Business, Public Policy and Law at NUI Galway. The programme is supported by EY, the Galway University Foundation, NUI Galway, and the Western Development Commission.