A SHANNON firm is to benefit under an EU initiative which will deliver €3 billion to small to medium enterprises (SMEs).
AltraTecch Ltd, based at Ballymurtagh business park, is one of 155 small companies from 21 countries, including 10 in Ireland, that will be first to receive €50,000 to finance feasibility studies for their projects.
The projects can also benefit from up to three days of business coaching and after that, their projects may be considered for further financial support from the Commission worth up to €2.5 million.
AltraTech is to receive funding for their innovative development of a 30-minute on-site DNA test kit for food-authenticity testing.
Speaking about the project, AltraTech CEO, Tim Cummins said, “Food samples currently have to be sent to a lab for DNA species testing, and it takes 4-6 days to get results. Our on-site DNA test eliminates this delay, and helps food processors and retailers to test food authenticity quickly in their plants or shops and eliminate costly recalls.”
Regarding the €50,000 award, he added, “We are delighted to receive this. We had a decision from the EU in just seven weeks from submission; quite impressive for this new SME Instrument. It will help us increase employment, 90% of new jobs across Europe will come from SMEs. We are pleased to see this strong SME focus in the new EU SME Instrument section of Horizon 2020.”
Máire Geoghegan-Quinn, European Commissioner for Research, Innovation and Science, said:,”Innovative SMEs will help get the European economy back on track, creating lasting employment and great products and services. This new instrument is aimed at projects that are truly innovative, with a strong business opportunity and a solid concept to bring them to the market.”