Ireland's Minister for Agriculture, Food and the Marine, Charlie McConalogue, launches this year's aquatech Innovation Studio, and welcomes €15 million aquatech investment from the Ireland Strategic Investment Fund.
Photo: BIM / Damien Eagers Photography.
Ireland is moving forward on its vision of becoming the "aquatech Silicon Valley", announcing a €15 million investment in the aquatech sector, as well as opening the latest round of its Innovation Studio mentoring programme.
Ireland's seafood development agency Bord Iascaigh Mhara (BIM) is now inviting ambitious aquatech businesses to apply for the 2024 edition of its Innovation Studio, a free, intensive two-week mentoring programme designed to support the development of young companies in the aquatech sector.
The programme is part of a partnership with the aquaculture accelerator Hatch Blue and is supported by an investment of €380,000 in 2024 from the European Maritime, Fisheries and Aquaculture Fund.
The Ireland Strategic Investment Fund (ISIF) has also recently injected €15 million into Hatch's Blue Revolution Fund, which supports early-stage aquatech companies.
The Innovation Studio, now in its seventh year, has proved a catalyst for the aquatech sector in Ireland, with participants creating over 200 high-tech jobs and attracting €15 million in investments, according to a BIM press release.
The program, which will take place from October 1-10 at the Lee Hotel in Cork City, matches 8-10 successful applicants with experienced mentors to further develop their business strategy, product or service. Participants are also given access to a global network of aquaculture technology experts, as well as provided the opportunity to pitch their ideas at the BIM Aquatech Conference.
The event will culminate with the announcement of the BIM Aquatech Business of the Year 2024. Last year's winner was the water analytics company Aquamonitrix.
Applications for the BIM Innovation Studio are open until 19 July 2024, and can be submitted online here.
BIM defines aquatech as "any technology or innovation driving sustainable seafood farming, and it can be applied progressively to the breeding, raising, and harvesting of fish, shellfish, and aquatic plants."
The Innovation Studio is thus open to a wide variety of company sectors, including pharmaceuticals, marine engineering, genetics, feed additives and artificial intelligence.
“The BIM Aquatech Innovation Studio provides a springboard for aquatech innovations, connecting participants with industry experts, mentors, and investors worldwide,” said Jessica Giannoumis, Hatch Blue’s Aquatech Community Manager for Ireland, in a BIM press release.
“Whether it’s sensor technology, alternative seafood solutions, or water management strategies, this is the ultimate opportunity to refine your aquatech vision.”
Launching the 2024 Innovation Studio, Ireland's Minister for Agriculture, Food and the Marine, Charlie McConalogue said that the mentoring programme "has fostered a wealth of innovation, energy and talent in Ireland’s growing aquatech sector since its inception seven years ago."
“This programme offers a unique opportunity for companies with technology applicable to the globally important aquaculture sector to improve their investor readiness and increase market access," McConalogue said.
“Ireland is leading the way in the development of the aquatech sector with some 60 Irish aquatech companies turning over €200 million in 2022 with the potential for significant growth and job creation.”
The Minister also welcomed the €15 million investment by ISIF in the Blue Revolution Fund which invests in early stage aquatech companies.
“This is a huge vote of confidence in the sector which has enormous potential. Aquatech companies can advance the health of the oceans while providing sustainable seafood, regenerative ecosystem services and community benefits.”
Prospective applicants for the 2024 Innovation Studio can find more information on the BIM website.