Seán Sherlock (Cork East, Labour) | Oireachtas source

Some 40% of foreign direct investment wins are predicated on relationships with Science Foundation Ireland. By any standard, 40% is a significant amount. More than 40% of IDA new client wins in 2012 have direct links with Science Foundation Ireland funded researchers. That translates into 4,500 jobs, which I contend is not insignificant.

If one looks at the metrics - I refer to licence, option or assignment agreements - and at the trajectory from 2006 to 2013, there was a dip between 2011 and 2012 but we are now back up. In 2011, the figure was 118, in 2012, it was 87 and in 2013, although this is only a provisional figure, it was 120. In regard to spin-outs, the indicative figure for 2013 is 34, which is the highest it has been since 2006. There is a dip in regard to invention disclosure and in patents. Licensing is something which one is monetising. It is an income stream. I agree that we want to see more spin-outs coming from the investments in research. We have laid down very clear expectations in regard to the investments the taxpayer is making. If industry makes investments, it must ensure there is a return on its investment. I agree with the tenet of the point but we are taking very concrete steps to engage.