MediaLab Europe has signed partnership deals worth just under €1 million with two European public bodies in a move to diversify its fund-raising in light of the tough economic climate.
The State's third-level educational collaboration with the Massachusetts Institute of Technology also formally ratified yesterday the appointment of U2 guitarist, the Edge, to its board.
U2 singer Bono stepped down from the board of MediaLab Europe - which includes business and academic figures such as Mr Denis O'Brien and Prof Nicholas Negroponte - this year, citing a heavy workload.
At a board meeting yesterday, The Edge was formally accepted as a director of MediaLab. Two new public partners - the Highlands and Islands Enterprise Agency and the Portuguese State science agency - were also disclosed to the board.
The deals represent a departure for MediaLab, which was set up to attract corporate funding to enable it to conduct research in the technology and media space. The two public agencies will partner MediaLab to pass on the benefits of research to their clients and researchers.
"We are opening up a new channel of funding by working with development agencies in a number of countries," said Mr John Callinan, chief operating officer at MediaLab.
"This is a replica model and we have had discussions with other agencies."
MediaLab has already held discussions with Enterprise Ireland about setting up a similar deal.
Mr Callinan said that working with European agencies to promote research and development reflected the spirit of the organisation. But he said the strategy to seek public partners was fuelled by the reality that corporates have less cash to spend.
"I really see this as an enhancement rather than a substitution for corporate funding. Money is tighter but the amount of interest from the traditional corporate sector is still high," he said.
The original business plan for MediaLab Europe set out that corporate funding would account for about 80 per cent of the running costs for the institution. But this has been revised and public funding will probably account for about 30-35 per cent of its total budget, said Mr Callinan.
MediaLab has raised €15 million in funds, most of this from the corporate sector. It has also benefited from State funding worth €35 million over the past three years. The final instalment of this, worth about €600,000, will be paid this year.
Eircom, Orange and the BBC are partners with MediaLab.
Mr Callinan said MediaLab had an operating budget of about €8 million per year, which supported about 100 staff and researchers. Its long-term goal was to grow to support 250 people, he said.
MediaLab, set up as a pet project of the Taoiseach, Mr Ahern, in 2000, is intended to be self sustaining by 2010. Its original business plan set a goal to raise €130 million by 2010. Mr Callinan said this was an irrelevant figure and MediaLab was not working to this target.
