Mr. Tim Conlon:

The Chair made an interesting point about knowledge transfer structures. We work extremely closely with Knowledge Transfer Ireland, which I compliment on its professionalism and the value it has brought to the system. We are on a journey. We need to consider how to further streamline those processes. It is important to get it right because immense value can come from the higher education and research system. We can commercialise that value but it has to be done in a careful and structured way. That will take time because it is tricky but there is an opportunity with this new agency.

The real value in the establishment of a competitive fund for research is the benefit of scale that comes with combining the two former agencies into something bigger and better. That is particularly the case in, for example, the knowledge transfer space. There are opportunities in respect of diversity. The Cathaoirleach mentioned the system's ability to respond quickly. That takes us back to the earlier conversation about academic freedom. People who are free to explore, take risks and be innovative are the ones who will solve some of the challenges and problems that are coming at us.

People who are free to explore, to risk, and to be innovative are the ones who will solve some of the challenges and problems coming at us and we need to make sure there is space for that. The conversation about research assessment is coming forward, as Dr. Lillis mentioned. Deputy Clarke asked earlier about the technological universities, TUs. They are extremely able and capable of investing time, energy, and opportunity in regions for the national benefit but they need to be empowered to do so and we are very much working towards that.